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oef:AfterTaxesOnDistributionsMember 2025-07-01 2026-06-30 0001689873 COMB:S000076351Member oef:AfterTaxesOnDistributionsMember 2024-09-03 2024-09-03 0001689873 COMB:S000076351Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-07-01 2026-06-30 0001689873 COMB:S000076351Member oef:AfterTaxesOnDistributionsAndSalesMember 2024-09-03 2024-09-03 0001689873 COMB:S000076351Member COMB:SAndP500Member 2025-07-01 2026-06-30 0001689873 COMB:S000076351Member COMB:SAndP500Member 2024-09-03 2024-09-03 iso4217:USD pure false 0001689873 485BPOS 2026-10-28 2026-10-28 N-1A GraniteShares ETF Trust 2026-10-28 Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of American Airlines Group Inc. (NASDAQ: AAL). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A85_eoef--AnnualFundOperatingExpensesTableTextBlock_zzAVFLDj05gf"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zCVjedLPpSu6" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none; text-align: left">Management Fee</td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_491_20261028__20261028__oef--ClassAxis__custom--C000243829Member_z0L7h7pM5OH4" style="display: none; text-align: right">0.99</td><td style="display: none; text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: left; font-style: normal; font-weight: normal">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_zAiA8l5KKpVe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">0.99</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_zXATTIQeyEJ3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp_zw0kd8yPW7Ci" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.06</td><td style="text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zp2qBku3pa1k" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_iT_dp_ztN61xN1Vrh7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.08</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dp_zd0ar93filG" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements (4)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_iT_dp_zmskdh9dJIwh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.08</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.15%. This agreement is effective until December 31, 2027 and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0099 0.0000 0.0006 0.0003 0.0108 0.0108 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_zLNWd17D6n15"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_z9d5v8W6I0v8" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 60%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000243829Member_zELNdTJ9t7K6" style="width: 47%; text-align: right">113</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_983_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000243829Member_z5qGEKz88lr9" style="width: 47%; text-align: right">370</td><td style="width: 1%; text-align: left"> </td></tr> </table> 113 370 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet been launched. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2 times (200%) the daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the daily performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the airline industry. American Airlines Group, Inc.’s primary business activity is the operation of a network air carrier, providing scheduled air transportation for passengers and cargo. AAL is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by AAL pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-08400 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding AAL may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of American Airlines Group Inc. The common stock of American Airlines Group Inc. (AAL) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by American Airlines Group Inc. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding American Airlines Group Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to risks of the air travel sector. The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock may be significantly affected by changes in fuel prices, which may be very volatile, the imposition of tariffs, and/or changes in labor relations and insurance costs. The Underlying Stock is highly dependent on aircraft or related equipment from a small number of suppliers, and consequently, issues affecting the availability, reliability, safety, or longevity of such aircraft or equipment. The Underlying Stock has a high level of debt and other obligations which may limit its ability to fund general corporate requirements and obtain additional financing, may limit its flexibility in responding to competitive developments and may cause its business to be vulnerable to adverse economic and industry conditions. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zFX8VYSfEpTk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the leveraged daily returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 47%; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 18%; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-180%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-160%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-140%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-120%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-50%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-100%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 49.27%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 58.73% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was -7.32%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 150% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsRiskMember_zdVRxhNafUr4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_z99N6ouFTEN4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zTxiKlYnnwV2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions. The Fund may be required to deviate from its investment objective as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” and “Leverage Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_903_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000081158Member_zoLpuaN333K7">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective The Fund seeks daily investment results, before fees and expenses, of -1 time (-100%) the daily percentage change of the common stock of American Airlines Group Inc. (NASDAQ: AAL). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A8A_eoef--AnnualFundOperatingExpensesTableTextBlock_zjLPnQTK5UDi"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zrb7Rpi6PqE5" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none; text-align: left">Management Fee</td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_49E_20261028__20261028__oef--ClassAxis__custom--C000243821Member_zxm3OFDJqgIh" style="display: none; text-align: right">0.99</td><td style="display: none; text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: left; font-style: normal; font-weight: normal">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_zeYkgAmR0u8a" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">0.99</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_z2pmBPrsaEXf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp_z1kqHyA0pJSk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.06</td><td style="text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zGANs72MD6T6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_iT_dp_zoCZJMW669rk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.08</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dp_zTLXcSf3pxae" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements (4)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_iT_dp_z5LHn0TbnIZd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.08</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.15%. This agreement is effective until December 31, 2027 and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0099 0.0000 0.0006 0.0003 0.0108 0.0108 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8F_eoef--ExpenseExampleWithRedemptionTableTextBlock_zUCxwAtjVni1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zHcwO5OrQ4Y2" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 60%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_98D_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000243821Member_z63E1cHy1Uvi" style="width: 47%; text-align: right">113</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000243821Member_zb5AI89udnxe" style="width: 47%; text-align: right">370</td><td style="width: 1%; text-align: left"> </td></tr> </table> 113 370 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet been launched. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate the inverse (-100%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately -100% of the Fund’s net asset value. The Fund aims to generate the inverse daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money put option contracts, or simultaneously buy an at-the-money put option contract and sell an at-the-money call option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each put option contract bought and receive the premium for each call option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the put and sells the call option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have the inverse performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the airline industry. American Airlines Group, Inc.’s primary business activity is the operation of a network air carrier, providing scheduled air transportation for passengers and cargo. AAL is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by AAL pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-08400 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding AAL may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance decreases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of American Airlines Group Inc. The common stock of American Airlines Group Inc. (AAL) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by American Airlines Group Inc. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding American Airlines Group Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to risks of the air travel sector. The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock may be significantly affected by changes in fuel prices, which may be very volatile, the imposition of tariffs, and/or changes in labor relations and insurance costs. The Underlying Stock is highly dependent on aircraft or related equipment from a small number of suppliers, and consequently, issues affecting the availability, reliability, safety, or longevity of such aircraft or equipment. The Underlying Stock has a high level of debt and other obligations which may limit its ability to fund general corporate requirements and obtain additional financing, may limit its flexibility in responding to competitive developments and may cause its business to be vulnerable to adverse economic and industry conditions. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zbAxw3tyZIc1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the daily inverse returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate inverse daily returns. For a Fund aiming to replicate the inverse performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Inverse Fund would be expected to lose 63.5% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Inverse Fund can be expected to return less than -100% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -100% of the performance of the Underlying Stock. The Inverse Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; text-align: center">-100% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 47%; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 18%; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">1841.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">1773.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">1468.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">1065.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">656.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">336.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">119.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">90%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">875.7%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">829.7%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">670.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">470.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">270.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">112.7%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">7.2%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">80%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">391.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">366.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">288.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">185.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">84.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">5.4%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-47.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">70%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">228.5%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">211.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">159.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">90.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">23.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-30.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-65.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">60%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">146.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">134.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">94.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">42.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-7.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-47.4%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-74.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-50%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">50%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">97.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">87.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">55.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">14.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-26.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-58.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-79.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">65.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">56.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">30.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-5.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-65.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">41.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">34.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">11.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-18.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-47.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-70.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">23.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">17.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-2.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-28.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-53.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-74.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">10.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">4.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-13.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-36.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-59.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-77.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-88.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-43.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-79.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-10.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-14.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-29.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-48.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-66.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-81.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-17.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-21.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-35.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-52.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-69.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-91.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-23.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-27.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-40.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-56.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-71.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-84.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-92.2%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-29.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-32.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-44.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-59.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-74.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-85.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-92.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-50%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-34.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-37.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-48.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-62.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-75.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-86.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-93.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-38.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-41.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-51.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-64.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-77.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-93.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-41.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-44.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-54.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-66.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-78.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-94.2%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-45.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-47.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-56.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-68.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-79.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-88.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-94.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-48.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-50.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-59.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-70.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-81.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-89.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-94.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-50.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-53.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-61.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-71.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-81.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-89.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-95.0%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 49.27%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 58.73% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was -7.32%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from -100% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect -100% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Short Sale Exposure Risk: The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock increases more than 100%. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsRiskMember_zPVNGNDBfvEa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_z83Bz2JwILO7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zroosd1bU919" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate the inverse daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_900_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000081150Member_zcuyyjg3KXl9">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective The Fund seeks daily investment results, before fees and expenses, of -2 times (-200%) the daily percentage change of the common stock of American Airlines Group Inc. (NASDAQ: AAL). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A88_eoef--AnnualFundOperatingExpensesTableTextBlock_zcG8qJrlyk49"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zBwS8JxMsMp8" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none; text-align: left">Management Fee</td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_492_20261028__20261028__oef--ClassAxis__custom--C000243838Member_zlZxQemMRrx8" style="display: none; text-align: right">1.30</td><td style="display: none; text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_zfC6fp9ytAxk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_zsJ2TMq9c3F5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp_zeWck14Aa4Be" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.06</td><td style="text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zG1YUO0QAVb6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_iT_dp_zYE0UBfEfoy1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dp_ztt2T1FrCjS2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements (4)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_iT_dp_z6OafS6IIplc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_F0C_zx3LrZxlGsj8" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0130 0.0000 0.0006 0.0003 0.0139 0.0139 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8E_eoef--ExpenseExampleWithRedemptionTableTextBlock_zYz9VwbYqtIl"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zjpjX3DHnZ9j" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 60%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000243838Member_zUx0L4jBELwl" style="width: 47%; text-align: right">145</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98A_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000243838Member_zW1ru0eLq7A7" style="width: 47%; text-align: right">474</td><td style="width: 1%; text-align: left"> </td></tr> </table> 145 474 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet been launched. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2x the inverse (-200%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately -200% of the Fund’s net asset value. The Fund aims to generate the inverse daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money put option contracts, or simultaneously buy an at-the-money put option contract and sell an at-the-money call option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each put option contract bought and receive the premium for each call option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the put and sells the call option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the inverse performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the airline industry. American Airlines Group, Inc.’s primary business activity is the operation of a network air carrier, providing scheduled air transportation for passengers and cargo. AAL is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by AAL pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-08400 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding AAL may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance decreases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of American Airlines Group Inc. The common stock of American Airlines Group Inc. (AAL) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by American Airlines Group Inc. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding American Airlines Group Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to risks of the air travel sector. The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock may be significantly affected by changes in fuel prices, which may be very volatile, the imposition of tariffs, and/or changes in labor relations and insurance costs. The Underlying Stock is highly dependent on aircraft or related equipment from a small number of suppliers, and consequently, issues affecting the availability, reliability, safety, or longevity of such aircraft or equipment. The Underlying Stock has a high level of debt and other obligations which may limit its ability to fund general corporate requirements and obtain additional financing, may limit its flexibility in responding to competitive developments and may cause its business to be vulnerable to adverse economic and industry conditions. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zLWtQPk1cdYe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the daily inverse returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate inverse daily returns. For a Fund aiming to replicate the inverse performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 17.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Inverse Fund would be expected to lose 95.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Inverse Fund can be expected to return less than -200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of the Underlying Stock. The Inverse Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-200% of One Year Performance of the Underlying Stock </td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">10%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">25%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">50%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">75%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">100%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%; text-align: center">-95%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 18%; text-align: center">190%</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0C5; text-align: center">36110.9%</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0C5; text-align: center">31935.5%</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0C5; text-align: center">18570.8%</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0C5; text-align: center">7461.0%</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0C5; text-align: center">2021.9%</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0C5; text-align: center">292.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #DA8D86; text-align: center">-53.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">180%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">9182.7%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">7895.4%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">4554.8%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">1756.7%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">406.8%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-8.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-89.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">160%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">2261.3%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">1930.1%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">1074.3%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">367.1%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">23.9%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-78.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">140%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">962.0%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">810.9%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">421.8%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">108.1%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-45.0%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-90.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-99.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">120%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">500.9%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">415.3%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">196.2%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">15.3%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-69.1%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-94.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-99.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">100%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">286.3%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">230.5%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">89.7%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-25.6%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-80.5%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-96.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-99.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">80%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">168.8%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">130.4%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">31.6%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-48.3%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-86.9%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-97.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-99.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">60%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">98.0%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">69.3%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-3.3%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-62.4%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-90.3%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-98.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-99.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">40%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">51.6%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">29.8%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-26.1%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-71.8%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-92.6%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-98.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">20%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">19.8%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">2.4%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-41.6%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-77.5%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-94.2%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-99.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-2.9%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-17.0%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-52.7%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-81.8%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-95.3%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-99.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-20%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-19.8%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-31.4%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-61.2%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-84.9%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-96.2%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-99.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-40%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-32.6%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-42.4%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-67.4%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-87.5%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-96.7%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-99.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-60%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-42.6%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-51.0%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-72.2%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-89.4%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-97.3%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-99.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-80%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-50.6%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-57.7%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-76.1%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-90.7%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-97.7%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-99.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-100%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-56.9%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-63.3%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-79.2%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-92.0%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-97.9%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-120%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-62.2%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-67.7%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-81.9%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-93.1%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-98.2%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-140%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-66.5%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-71.4%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-83.9%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-93.8%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-98.5%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-160%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-70.2%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-74.6%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-85.6%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-94.4%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-98.6%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-180%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-73.3%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-77.2%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-87.2%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-95.2%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-98.7%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-200%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-74.6%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-78.3%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-87.7%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-95.4%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-98.9%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 49.27%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 58.73% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was -7.32%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from -200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect -200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Short Sale Exposure Risk: The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock increases more than 50%. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsRiskMember_z2jT0RVJMGmk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_ziLvsfGVJIrk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zXX2kzx11uU3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate -2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_906_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000081167Member_zwPIM7AFfp21">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Apple Inc. (NASDAQ: AAPL). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A8D_eoef--AnnualFundOperatingExpensesTableTextBlock_zZfQhyD9IuU6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zSUt5rxU6Gm8" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none; text-align: left">Management Fee</td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_498_20261028__20261028__oef--ClassAxis__custom--C000236101Member_zUi0kXXlsKX5" style="display: none; text-align: right">0.99</td><td style="display: none; text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_zXZzdNA2IKK7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">0.99</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_zJQFdDEJJb35" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp_zsYWXqTg2TC1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.23</td><td style="text-align: left">%</td></tr> <tr id="xdx_40E_ecustom--RecoupmentOfPreviouslyWaivedExpenses_dp_ziQj3KSxf2bf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Recoupment of previously waived expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.04</td><td style="text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zKoePtv3WwEa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_iT_dp_zvLdtoUI03Fj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.29</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dp_zVrhfij3dlO3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements/Fees Paid Indirectly (4), (5)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-0.08</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_iT_dp_zJUJEGTcPY0l" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4), (5)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.21</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are based on actual amounts incurred during the Fund’s fiscal period ended June 30, 2026 which includes Interest Expense of 0.03% related to margin posted by the swap counterparties.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_F03_zBKOR8i6lu0d" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s fiscal year ending June 30, 2027.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.15%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_F00_z7a7OvaSRtmf" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(5)</td> <td id="xdx_F10_zYZt4Trn8TS6" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The Funds’ have a fee arrangement with its custodian which provides for custody fees to be reduced by Create/Redeem credits received by the custodian from Authorized Participants.</td></tr> </table> 0.0099 0.0000 0.0023 0.0004 0.0003 0.0129 -0.0008 0.0121 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_zrntwkI6iUa8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zRORby9zZh17" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 90%; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">5 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">10 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_981_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000236101Member_zvc8ILLxDjA4" style="width: 22%; text-align: right">123</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98D_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000236101Member_zYan7fcd8Wqj" style="width: 22%; text-align: right">401</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_981_eoef--ExpenseExampleYear05_c20261028__20261028__oef--ClassAxis__custom--C000236101Member_zqxrYcYq9N23" style="width: 22%; text-align: right">700</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98A_eoef--ExpenseExampleYear10_c20261028__20261028__oef--ClassAxis__custom--C000236101Member_zSTohc3os4W4" style="width: 20%; text-align: right">1,548</td><td style="width: 1%; text-align: left"> </td></tr> </table> 123 401 700 1548 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio, since the Fund invested only in instruments that are excluded from portfolio turnover rate calculations. However, if the Fund’s use of derivatives were reflected, the Fund’s portfolio turnover rate would be higher. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2 times (200%) the daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the daily performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the software and information technology industry. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Apple Inc. The common stock of Apple Inc. (AAPL) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Apple Inc. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Apple Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the software and information technology sector. The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by global markets and demand for Apple’s products and services, its ability to develop new products and services, inventory levels, supply chain issues, the performance of third-party software developers, system and network failures, privacy and cybersecurity breaches and changes in international and government regulations. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zhMgT7OVNDAf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate leveraged daily returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to track indices that replicate leveraged daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 47%; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 18%; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-180%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-160%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-140%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-120%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-50%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-100%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 28.48%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 36.48% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 16.33%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Computer Technology Company Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the software and information technology sector. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation, and competition, both domestically and internationally, including competition from competitors with lower production costs. In addition, many information technology companies have limited product lines, markets, financial resources or personnel. The prices of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile and less liquid than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objective as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” and “Leverage Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: The following performance information indicates some of the risks of investing in the Fund. The bar chart shows the Fund’s performance from year to year. The table illustrates how the Fund’s average annual returns for the 1-year and since inception periods compare with those of a broad measure of market performance. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_905_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000076355Member_zJAGxYMgG8a9">The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Updated performance information is also available on the Fund’s website at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_902_eoef--PerformanceAvailabilityWebSiteAddress_c20261028__20261028__dei--LegalEntityAxis__custom--S000076355Member_zgoiOKGRf2Ee">www.graniteshares.com or by calling the Fund toll free at 844-476-8747. <img alt="" src="form485bpos_001.jpg"/> During the periods shown in the bar chart above, the Fund’s highest quarterly return was 48.96% (quarter ended September 30, 2025) and the Fund’s lowest quarterly return was -24.25% (quarter ended March 31, 2025). The calendar year-to-date total return of the Fund as of September 30, 2026 was 35.64%. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. www.graniteshares.com 844-476-8747 highest quarterly return 0.4896 2025-09-30 lowest quarterly return -0.2425 2025-03-31 year-to-date total return 2026-09-30 0.3564 Average Annual Total Returns for the Periods Ended December 31, 2025 <div id="xdx_A85_eoef--PerformanceTableTextBlock_z0lkiBWRL1ne"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zWYGGVreutW5" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20250101__20251231__dei--LegalEntityAxis__custom--S000076355Member_zGW1KyXdvPwd" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20220808__20220808__dei--LegalEntityAxis__custom--S000076355Member_z0haaxETBFY5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Since Inception (8/8/2022)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_zdbz1U4tnj4f" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; width: 60%; text-align: left; padding-bottom: 1pt">Return Before Taxes</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 16%; text-align: right">-1.19</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">%</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 16%; text-align: right">14.51</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zR2vJQdyqq24" style="vertical-align: bottom; background-color: White"> <td style="text-decoration: underline; text-align: left; padding-bottom: 1pt">Return After Taxes on Distributions</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-2.87</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">11.74</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zlgxPpeRbQS9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; text-align: left; padding-bottom: 1pt">Return After Taxes on Distributions and Sale of Fund Shares</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-0.69</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">9.99</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500Member_zwczHg2VV7De" style="vertical-align: bottom; background-color: White"> <td style="text-decoration: underline; font-style: italic; text-align: left; padding-bottom: 1pt">S&P 500 (No fees, expenses, or taxes applied)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">17.88</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">17.68</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> </table> 2022-08-08 -0.0119 0.1451 -0.0287 0.1174 -0.0069 0.0999 0.1788 0.1768 Investment Objective The Fund seeks daily investment results, before fees and expenses, of -1 time (-100%) the daily percentage change of the common stock of Apple Inc. (NASDAQ: AAPL). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A80_eoef--AnnualFundOperatingExpensesTableTextBlock_zwmqilaJvdz6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zvPwUwK87H8a" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none; text-align: left">Management Fee</td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_495_20261028__20261028__oef--ClassAxis__custom--C000243822Member_zg4QHaQarO6l" style="display: none; text-align: right">0.99</td><td style="display: none; text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: left; font-style: normal; font-weight: normal">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_zXy7hkZ1XSxg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">0.99</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_zFhI97mX7lt7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp_zB11jQQAKXy8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.06</td><td style="text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zp2Whsr12MM6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_iT_dp_zN9h3QnGeLA5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.08</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dp_zwTNyWWIz3Kd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements (4)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_iT_dp_z8zxJBwCuoVc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.08</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.15%. This agreement is effective until December 31, 2027 and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0099 0.0000 0.0006 0.0003 0.0108 0.0108 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8A_eoef--ExpenseExampleWithRedemptionTableTextBlock_zPVkZmrbfcC6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zUBuGVkLfBo8" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 60%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000243822Member_znr1XrFblj0f" style="width: 47%; text-align: right">113</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_983_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000243822Member_zpmSawttIGPl" style="width: 47%; text-align: right">370</td><td style="width: 1%; text-align: left"> </td></tr> </table> 113 370 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet been launched. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate the inverse (-100%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately -100% of the Fund’s net asset value. The Fund aims to generate the inverse daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have the inverse performance of the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money put option contracts, or simultaneously buy an at-the-money put option contract and sell an at-the-money call option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each put option contract bought and receive the premium for each call option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the put and sells the call option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have the inverse performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the software and information technology industry. Apple Inc. designs, manufactures and markets smartphones, personal computers, tablets, wearables and accessories and sells a range of related services. AAPL is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by AAPL pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-36743 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding AAPL may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance decreases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Apple Inc. The common stock of Apple Inc. (AAPL) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Appl, Inc. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Apple Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the software and information technology sector. The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by global markets and demand for Apple’s products and services, its ability to develop new products and services, inventory levels, supply chain issues, the performance of third-party software developers, system and network failures, privacy and cybersecurity breaches and changes in international and government regulations. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_z2D5MxKpe1E4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the daily inverse returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate inverse daily returns. For a Fund aiming to replicate the inverse performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Inverse Fund would be expected to lose 63.5% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Inverse Fund can be expected to return less than -100% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -100% of the performance of the Underlying Stock. The Inverse Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; text-align: center">-100% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 47%; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 18%; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">1841.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">1773.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">1468.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">1065.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">656.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">336.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">119.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">90%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">875.7%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">829.7%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">670.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">470.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">270.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">112.7%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">7.2%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">80%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">391.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">366.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">288.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">185.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">84.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">5.4%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-47.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">70%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">228.5%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">211.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">159.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">90.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">23.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-30.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-65.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">60%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">146.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">134.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">94.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">42.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-7.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-47.4%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-74.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-50%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">50%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">97.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">87.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">55.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">14.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-26.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-58.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-79.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">65.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">56.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">30.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-5.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-65.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">41.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">34.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">11.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-18.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-47.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-70.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">23.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">17.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-2.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-28.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-53.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-74.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">10.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">4.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-13.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-36.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-59.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-77.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-88.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-43.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-79.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-10.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-14.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-29.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-48.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-66.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-81.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-17.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-21.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-35.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-52.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-69.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-91.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-23.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-27.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-40.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-56.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-71.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-84.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-92.2%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-29.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-32.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-44.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-59.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-74.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-85.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-92.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-50%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-34.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-37.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-48.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-62.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-75.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-86.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-93.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-38.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-41.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-51.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-64.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-77.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-93.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-41.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-44.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-54.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-66.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-78.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-94.2%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-45.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-47.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-56.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-68.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-79.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-88.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-94.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-48.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-50.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-59.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-70.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-81.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-89.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-94.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-50.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-53.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-61.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-71.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-81.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-89.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-95.0%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 28.48%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 36.48% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 16.33%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from -100% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect -100% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Short Sale Exposure Risk: The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock increases more than 100%. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsRiskMember_zg8o4tFOyvqe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_z4XgfYGyttT" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zkZbVZQZsHPc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate the inverse daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_90B_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000081151Member_z1gDEiKIrRB3">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective The Fund seeks daily investment results, before fees and expenses, of -2 times (-200%) the daily percentage change of the common stock of Apple Inc. (NASDAQ: AAPL). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A83_eoef--AnnualFundOperatingExpensesTableTextBlock_z1MFI7FIRg4k"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zTix9rASAlnb" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; text-align: left">Management Fee</td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_493_20261028__20261028__oef--ClassAxis__custom--C000243819Member_zBDTy6e1uGu4" style="font-family: Times New Roman, Times, Serif; text-align: right">1.30</td><td style="font-family: Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: justify">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dp_zvFj44Exm4Uc" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; width: 80%; text-align: left">Management Fee</td><td style="font-family: Times New Roman, Times, Serif; width: 2%"> </td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right">1.30</td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--DistributionAndService12b1FeesOverAssets_dp_zsrnLDN1q9zj" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left">Distribution and/or Service (12b-1) Fees</td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right">0.00</td><td style="font-family: Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr id="xdx_409_eoef--OtherExpensesOverAssets_dp_zbCqqgW8eDO3" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Other Expenses (1)</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: right">0.06</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_409_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zx9SI4tBkEmc" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">0.03</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_iT_dp_zbrBJIJgdag" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right">1.39</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--FeeWaiverOrReimbursementOverAssets_dp_zIrnbIlZ9sig" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements (4)</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">-</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40F_eoef--NetExpensesOverAssets_iT_dp_zJPcl3hPzOE4" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4)</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right">1.39</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0130 0.0000 0.0006 0.0003 0.0139 0.0139 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A82_eoef--ExpenseExampleWithRedemptionTableTextBlock_z8swYCchzn12"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zv8V0UQO8bse" style="font: 10pt Times New Roman, Times, Serif; width: 60%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_98A_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000243819Member_z5fMxMfQvSLc" style="width: 47%; text-align: right">145</td><td style="width: 2%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98D_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000243819Member_z2eB28QOWjG8" style="width: 47%; text-align: right">474</td><td style="width: 1%; text-align: left"> </td></tr> </table> 145 474 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet launched. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2x the inverse (-200%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately -200% of the Fund’s net asset value. The Fund aims to generate the inverse daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the inverse performance of the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money put option contracts, or simultaneously buy an at-the-money put option contract and sell an at-the-money call option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each put option contract bought and receive the premium for each call option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the put and sells the call option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the inverse performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the software and information technology industry. Apple Inc. designs, manufactures and markets smartphones, personal computers, tablets, wearables and accessories and sells a range of related services. AAPL is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by AAPL pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-36743 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding AAPL may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance decreases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Apple Inc. The common stock of Apple Inc. (AAPL) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Apple Inc. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Apple Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the software and information technology sector. The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by global markets and demand for Apple’s products and services, its ability to develop new products and services, inventory levels, supply chain issues, the performance of third-party software developers, system and network failures, privacy and cybersecurity breaches and changes in international and government regulations. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zQx0DclT0WUl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the daily inverse returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate inverse daily returns. For a Fund aiming to replicate the inverse performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 17.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Inverse Fund would be expected to lose 95.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Inverse Fund can be expected to return less than -200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of the Underlying Stock. The Inverse Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td rowspan="3" style="border-top: black 1pt solid; border-right: black 1pt dotted; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap">One Year Performance of the Underlying Stock</td> <td rowspan="3" style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap">-200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td rowspan="2" style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap">10% </td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"> </td> <td rowspan="2" style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap">50% </td> <td rowspan="2" style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap">75% </td> <td rowspan="2" style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap">100% </td> <td rowspan="2" style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap">125% </td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap">25% </td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap">150% </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 47%; text-align: center">-95%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 18%; text-align: center">190%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">36110.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">31935.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">18570.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">7461.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">2021.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">292.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #DA8E86; text-align: center">-53.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">9182.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">7895.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">4554.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">1756.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">406.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-8.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-89.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">2261.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">1930.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">1074.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">367.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">23.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-78.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">962.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">810.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">421.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">108.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-45.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-90.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">500.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">415.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">196.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">15.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-69.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-94.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">286.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">230.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">89.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-25.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-80.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-96.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">168.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">130.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">31.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-48.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-97.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">98.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">69.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-62.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-90.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-98.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">51.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">29.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-26.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-71.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-98.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">2.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-41.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-77.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-2.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-52.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-81.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-95.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-84.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-96.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-32.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-42.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-67.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-87.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-96.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-42.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-51.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-89.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-97.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-50.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-57.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-76.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-90.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-97.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-56.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-79.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-92.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-62.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-67.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-81.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-66.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-71.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-83.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-70.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-74.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-73.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-77.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-95.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-200%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-74.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-78.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-95.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 28.48%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 36.48% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 16.33%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from -200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect -200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Short Sale Exposure Risk: The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock increases more than 50%. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Computer Technology Company Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the software and information technology sector. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation, and competition, both domestically and internationally, including competition from competitors with lower production costs. In addition, many information technology companies have limited product lines, markets, financial resources or personnel. The prices of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile and less liquid than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsRiskMember_zym3OgwCWuz1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zCVwfqgAsqY" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zplXHEsV5RAb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate -2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_900_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000081148Member_zQhyLomemTJc">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Airbnb Inc. (Nasdaq: ABNB). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A8E_eoef--AnnualFundOperatingExpensesTableTextBlock_zoy6mqXzKoH3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_z0B3cRMZ2AZh" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; text-align: left">Management Fee</td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_498_20261028__20261028__oef--ClassAxis__custom--C000262867Member_z4YVhdWWFZ4l" style="font-family: Times New Roman, Times, Serif; text-align: right">1.30</td><td style="font-family: Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: justify">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </td></tr> <tr id="xdx_40B_eoef--ManagementFeesOverAssets_dp_zWGM2d0nmsV1" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; width: 80%; text-align: left">Management Fee</td><td style="font-family: Times New Roman, Times, Serif; width: 2%"> </td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right">1.30</td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">%</td></tr> <tr id="xdx_409_eoef--DistributionAndService12b1FeesOverAssets_dp_z0wynLY7F6ng" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left">Distribution and/or Service (12b-1) Fees</td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right">0.00</td><td style="font-family: Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dp_zg8NTOPHAAe9" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Other Expenses (1)</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: right">0.06</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zOw4FeqCVNc1" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">0.03</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--ExpensesOverAssets_iT_dp_zrTXECOQg9oh" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right">1.39</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_403_eoef--FeeWaiverOrReimbursementOverAssets_dp_zctUedzG0VC" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements (4)</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">-</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--NetExpensesOverAssets_iT_dp_zo1NfNu9FiW3" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4)</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right">1.39</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0130 0.0000 0.0006 0.0003 0.0139 0.0139 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A83_eoef--ExpenseExampleWithRedemptionTableTextBlock_zovffPZ79Etc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zTUpQMnZMZq" style="font: 10pt Times New Roman, Times, Serif; width: 60%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_981_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000262867Member_zwqFxcoXrBke" style="width: 47%; text-align: right">145</td><td style="width: 2%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000262867Member_zludWFfUtp93" style="width: 47%; text-align: right">474</td><td style="width: 1%; text-align: left"> </td></tr> </table> 145 474 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet been launched. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2 times (200%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 30% and 45% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call or sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transaction, which is a transaction under which the purchaser (i.e., the Fund) acquires a security and the seller agrees, at the time of the sale, to repurchase the security at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) equity or fixed income securities for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the daily performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the online home-sharing and hospitality marketplace industry. Airbnb, Inc. operates a global platform for stays and experiences. The Company’s marketplace model connects hosts and guests online or through mobile devices to book spaces and experiences around the world. Airbnb, Inc. is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Airbnb, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-284914 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Airbnb, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Airbnb, Inc. The common stock of Airbnb, Inc. is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Airbnb, Inc. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Airbnb, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the online home-sharing and hospitality marketplace industry. The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including but are not limited to downturn in economic conditions that can result in decreased demand for leisure and business travel. Due to the discretionary nature of business and leisure travel spending, travel company revenues are heavily influenced by the condition of the U.S. and foreign economies. Travel companies may also be significantly affected by changes in labor relations and insurance costs. Lodging industry companies, in particular, are subject to various risks that may cause significant losses, which includes risks related to uncertainty in travel (due to global, regional or local events), guest safety, security, and privacy, changing consumer demands, consumer perception of risk (for example, due to terrorist attacks, pandemics, and political or social violence), and changing or increased regulations. Beginning in the first quarter of 2020, financial markets in the United States and around the world experienced extreme and in many cases unprecedented volatility and severe losses due to the global pandemic caused by COVID-19, a novel coronavirus. The pandemic resulted in a wide range of social and economic disruptions, including closed borders and reduced or prohibited domestic or international travel. Some sectors of the economy and individual issuers, including travel companies, experienced particularly large losses, which may continue for an extended period of time or reoccur in the future to a similar or greater extent. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zFKcZVUNoOh6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the daily leverage returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">25%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">50%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">75%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 38%; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 20%; text-align: center">-190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-180%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-160%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-140%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-120%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-50%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-100%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">190%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 45.04%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 63.68% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 3.19%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily leverage performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” and “Leverage Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_903_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000094365Member_z2SpQtralShd">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Adobe Inc. (NASDAQ: ADBE). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A88_eoef--AnnualFundOperatingExpensesTableTextBlock_zAQVfOiy9mo8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zS0G6g0Wxg24" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_499_20261028__20261028__oef--ClassAxis__custom--C000254511Member_zgFVmCF3s7m5" style="text-align: right">1.30</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_403_eoef--ManagementFeesOverAssets_dp_zwHuQAwG9xnc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40A_eoef--DistributionAndService12b1FeesOverAssets_dp_z4KH9iEnbHkk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dp_zG7VMGmvBk4h" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.06</td><td style="text-align: left">%</td></tr> <tr id="xdx_405_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zT5ySe19Ejaf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_409_eoef--ExpensesOverAssets_iT_dp_z92Bsxbtaxdb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--FeeWaiverOrReimbursementOverAssets_dp_zI134zcEzPUf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements (4)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--NetExpensesOverAssets_iT_dp_ztjmQeUd0N6d" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0130 0.0000 0.0006 0.0003 0.0139 0.0139 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A82_eoef--ExpenseExampleWithRedemptionTableTextBlock_zLBh3SCeVJc8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zbaw8LDrXH13" style="font: 10pt Times New Roman, Times, Serif; width: 60%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000254511Member_zTensWOPQ6kk" style="width: 47%; text-align: right">145</td><td style="width: 2%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98A_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000254511Member_zpsn2LF9IIzk" style="width: 47%; text-align: right">474</td><td style="width: 1%; text-align: left"> </td></tr> </table> 145 474 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet been launched. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2 times (200%) the daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the daily performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the software and information technology industry. Adobe Inc. is a technology company. Its segments include digital media, digital experience, and publishing and advertising. The digital media segment is centered around Adobe Creative Cloud and Adobe Document Cloud, which include Adobe Express, Adobe Firefly, Photoshop and other products. The digital experience segment provides a platform and set of products, services and solutions through Adobe Experience Cloud. The publishing and advertising segment contains legacy products and services. ADBE is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by ADBE pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 000-15175 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding ADBE may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Adobe Inc. The common stock of Adobe Inc. (ADBE) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Adobe Inc. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Adobe Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the software and information technology industry. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation, and competition, both domestically and internationally, including competition from competitors with lower production costs. In addition, many information technology companies have limited product lines, markets, financial resources or personnel. The prices of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile and less liquid than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology industry may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zYoAl0EUl2O" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the leveraged daily returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 38%; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 20%; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-180%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-160%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-140%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-120%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-50%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-100%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 38.32%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 48.00% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was -15.15%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zyYvbld6RX05" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zWbPCrlwO4E2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions. The Fund may be required to deviate from its investment objective as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” and “Leverage Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_90A_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000088313Member_zVa1CenPOht4">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective The Fund seeks daily investment results, before fees and expenses, of -2 times (-200%) the daily percentage change of the common stock of Adobe Inc. (NASDAQ: ADBE). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A87_eoef--AnnualFundOperatingExpensesTableTextBlock_zWOluzULK1n1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zLEFaRqUdE9j" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_490_20261028__20261028__oef--ClassAxis__custom--C000254494Member_zKe0DDUvGIh9" style="text-align: right">1.30</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dp_zi89Jv6XBas" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--DistributionAndService12b1FeesOverAssets_dp_zX6ZRTYl9VN1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_409_eoef--OtherExpensesOverAssets_dp_zqtyHdhny1Fd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.06</td><td style="text-align: left">%</td></tr> <tr id="xdx_409_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zUowkZytns3b" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_iT_dp_zw1Rahgu6nb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--FeeWaiverOrReimbursementOverAssets_dp_zmBt57LHloUf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements (4)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40F_eoef--NetExpensesOverAssets_iT_dp_zfL2743S8Jo2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0130 0.0000 0.0006 0.0003 0.0139 0.0139 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_zcIBzK75hkZ6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_z3xOQlWHLz8d" style="font: 10pt Times New Roman, Times, Serif; width: 60%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000254494Member_ztKZ21HLpqee" style="width: 47%; text-align: right">145</td><td style="width: 2%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000254494Member_zQ8mBD3Sx1kg" style="width: 47%; text-align: right">474</td><td style="width: 1%; text-align: left"> </td></tr> </table> 145 474 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet been launched. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2x the inverse (-200%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately -200% of the Fund’s net asset value. The Fund aims to generate the inverse daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money put option contracts, or simultaneously buy an at-the-money put option contract and sell an at-the-money call option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each put option contract bought and receive the premium for each call option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the put and sells the call option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the inverse performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the software and information technology industry. Adobe Inc. is a technology company. Its segments include digital media, digital experience, and publishing and advertising. The digital media segment is centered around Adobe Creative Cloud and Adobe Document Cloud, which include Adobe Express, Adobe Firefly, Photoshop and other products. The digital experience segment provides a platform and set of products, services and solutions through Adobe Experience Cloud. The publishing and advertising segment contains legacy products and services. ADBE is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by ADBE pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 000-15175 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding ADBE may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance decreases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Adobe Inc. The common stock of Adobe Inc. (ADBE) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Adobe Inc. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Adobe Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the software and information technology industry. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation, and competition, both domestically and internationally, including competition from competitors with lower production costs. In addition, many information technology companies have limited product lines, markets, financial resources or personnel. The prices of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile and less liquid than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology industry may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zFZ1EXFkhgOe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the daily inverse returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate inverse daily returns. For a Fund aiming to replicate the inverse performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 17.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Inverse Fund would be expected to lose 95.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Inverse Fund can be expected to return less than -200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of the Underlying Stock. The Inverse Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; text-align: center">-200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 38%; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 20%; text-align: center">190%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">36110.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">31935.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">18570.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">7461.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">2021.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">292.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #DA8E86; text-align: center">-53.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">9182.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">7895.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">4554.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">1756.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">406.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-8.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-89.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">2261.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">1930.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">1074.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">367.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">23.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-78.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">962.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">810.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">421.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">108.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-45.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-90.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">500.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">415.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">196.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">15.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-69.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-94.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">286.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">230.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">89.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-25.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-80.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-96.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">168.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">130.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">31.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-48.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-97.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">98.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">69.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-62.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-90.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-98.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">51.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">29.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-26.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-71.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-98.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">2.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-41.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-77.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-2.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-52.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-81.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-95.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-84.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-96.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-32.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-42.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-67.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-87.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-96.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-42.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-51.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-89.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-97.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-50.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-57.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-76.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-90.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-97.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-56.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-79.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-92.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-62.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-67.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-81.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-66.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-71.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-83.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-70.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-74.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-73.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-77.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-95.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-200%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-74.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-78.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-95.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 38.32%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 48.00% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was -15.15%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from -200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect -200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Short Sale Exposure Risk: The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock increases more than 50%. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zGjfXkM8Ba22" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zLPVG1HsEOIl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate -2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_901_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000088296Member_zRKERU213lAe">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of AMC Entertainment Holdings, Inc. (NYSE: AMC). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A8E_eoef--AnnualFundOperatingExpensesTableTextBlock_zoBd0nuvNIkc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zTiTJ7yzXMwk" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_49D_20261028__20261028__oef--ClassAxis__custom--C000258150Member_zIvmqsQ89mQ4" style="text-align: right">1.30</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dp_zwp5yUPF5ua4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--DistributionAndService12b1FeesOverAssets_dp_zNcsWP88UBoi" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_409_eoef--OtherExpensesOverAssets_dp_zoU5qO1w2Gq" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.06</td><td style="text-align: left">%</td></tr> <tr id="xdx_409_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zHPRWVHpZ2Vd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_iT_dp_zlhdhPn9PTNf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--FeeWaiverOrReimbursementOverAssets_dp_zsJy6p4cTWoc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements (4)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40F_eoef--NetExpensesOverAssets_iT_dp_zKNHg0cTo1Ql" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0130 0.0000 0.0006 0.0003 0.0139 0.0139 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A81_eoef--ExpenseExampleWithRedemptionTableTextBlock_zCN0VYRdgw5k"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zJwQqWD9UyXe" style="font: 10pt Times New Roman, Times, Serif; width: 60%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000258150Member_zgSUW8O0bPle" style="width: 47%; text-align: right">145</td><td style="width: 2%; text-align: left"> </td><td style="width: 1%"></td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98A_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000258150Member_zzluOcVj6gLb" style="width: 47%; text-align: right">474</td><td style="width: 1%; text-align: left"> </td></tr> </table> 145 474 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet been launched. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2 times (200%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money put option contracts, or simultaneously buy an at-the-money put option contract and sell an at-the-money call option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each put option contract bought and receive the premium for each call option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the put and sells the call option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have the inverse performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the entertainment industry. AMC Entertainment Holdings, Inc. is a movie exhibition company. The Company is principally involved in the theatrical exhibition business and owns, operates or has interests in theatres primarily located in the United States and Europe. It operates approximately 900 theatres and 10,000 screens across the globe. .AMC is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by AMC pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-33892 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding AMC may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of AMC Entertainment Holdings, Inc. The common stock of AMC Entertainment Holdings, Inc. (AMC) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by AMC Entertainment Holdings, Inc. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding AMC Entertainment Holdings, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the entertainment industry. The entertainment industry is highly competitive and relies on consumer spending and the availability of disposable income for success. The prices of the securities of companies in the entertainment industry may fluctuate widely due to competitive pressures, heavy expenses incurred for research and development of products, problems related to bringing products to market, consumer preferences and rapid obsolescence of products. Legislative or regulatory changes and increased government supervision also may affect companies in the entertainment industry. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_z8OJR2KQy7oj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the daily inverse returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate inverse daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Inverse Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Inverse Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Inverse Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 38%; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 20%; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-180%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-160%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-140%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-120%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-50%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-100%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 102.00%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 146.24% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was -60.39%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by the Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zJVD3cZI1Enj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zvp2mC0pLQe8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate the inverse daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” and “Leverage Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_906_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000090802Member_zjnuM8Vce5vf">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Advanced Micro Devices, Inc. (NASDAQ: AMD). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A8B_eoef--AnnualFundOperatingExpensesTableTextBlock_zZyZOdQi8bd1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zYZwWcoIfTF8" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_495_20261028__20261028__oef--ClassAxis__custom--C000236096Member_zMZLiSVoIzZc" style="text-align: right">0.99</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_zSOuhoP6cIg5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">0.99</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_zs7v4GGQa2Kj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp_zWKjibeWh1t4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.87</td><td style="text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zLwE7vubN6Ii" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_iT_dp_zfyz0ISNmAVf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.89</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dp_zjUjWIp3cj94" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements/Fees Paid Indirectly (4), (5)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-0.02</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_iT_dp_zzQ2PlGNWTbj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4), (5)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.87</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are based on actual amounts incurred during the Fund’s fiscal period ended June 30, 2026 which includes Interest Expense of 0.83% related to margin posted by the swap counterparties.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s fiscal ending June 30, 2027.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.15%. This agreement is effective until December 31, 2027 and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(5)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The Funds’ have a fee arrangement with its custodian which provides for custody fees to be reduced by Create/Redeem credits received by the custodian from Authorized Participants.</td></tr> </table> 0.0099 0.0000 0.0087 0.0003 0.0189 -0.0002 0.0187 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8B_eoef--ExpenseExampleWithRedemptionTableTextBlock_zzW6lAjsskX9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zQKj5d95QWX7" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">5 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">10 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_986_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000236096Member_z8VmpuCNqhEa" style="width: 22%; text-align: right">190</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98A_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000236096Member_zULvtXucZTu5" style="width: 22%; text-align: right">592</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_981_eoef--ExpenseExampleYear05_c20261028__20261028__oef--ClassAxis__custom--C000236096Member_zaGTPE0h5YM4" style="width: 21%; text-align: right">1,019</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eoef--ExpenseExampleYear10_c20261028__20261028__oef--ClassAxis__custom--C000236096Member_zgvJzSbqEnLd" style="width: 21%; text-align: right">2,207</td><td style="width: 1%; text-align: left"> </td></tr> </table> 190 592 1019 2207 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio, since the Fund invested only in instruments that are excluded from portfolio turnover rate calculations. However, if the Fund’s use of derivatives were reflected, the Fund’s portfolio turnover rate would be higher. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2 times (200%) the daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sell put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and Flexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the daily performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the semi-conductor industry. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Advanced Micro Devices, Inc. The common stock of Advanced Micro Devices, Inc. (AMD) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Advanced Micro Devices, Inc. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Advanced Micro Devices, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the semiconductor sector. The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by the company’s significant customer losses, its inability to develop and implement new technologies, its reliance on third-party distributors and platforms, cybersecurity attacks, its inability to protect its intellectual property rights and global laws and regulations affecting privacy, data protection and technology protections. The semiconductor industry may also be affected by risks that affect the broader technology sector, including: government regulation; dramatic and often unpredictable changes in growth rates and competition for qualified personnel; and a small number of companies representing a large portion of the technology sector as a whole. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zPPjNWWbQtw4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the leveraged daily returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to track indices that replicate leveraged daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 47%; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 18%; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-180%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-160%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-140%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-120%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-50%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-100%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 58.02%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 73.05% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 33.75%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Semi-Conductor Company Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the semiconductor sector. The risks of investments in the semiconductor sector industry include: intense competition, both domestically and internationally, including competition from subsidized foreign competitors with lower production costs; wide fluctuations in securities prices due to risks of rapid obsolescence of products; economic performance of the customers of semiconductor companies; their research costs and the risks that their products may not prove commercially successful; capital equipment expenditures that could be substantial and suffer from rapid obsolescence; and thin capitalization and limited product lines, markets, financial resources or personnel. The semiconductor industry may also be affected by risks that affect the broader technology sector, including: government regulation; dramatic and often unpredictable changes in growth rates and competition for qualified personnel; heavy dependence on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability; and a small number of companies representing a large portion of the technology sector as a whole. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objective as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” and “Leverage Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: The following performance information indicates some of the risks of investing in the Fund. The bar chart shows the Fund’s performance from year to year. The table illustrates how the Fund’s average annual returns for the 1-year and since inception periods compared with those of a broad measure of market performance. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_909_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000076350Member_zJ3DBg1zYVic">The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Updated performance information is also available on the Fund’s website at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_903_eoef--PerformanceAvailabilityWebSiteAddress_c20261028__20261028__dei--LegalEntityAxis__custom--S000076350Member_zdZ0baCFQhRd">www.graniteshares.com or by calling the Fund toll free at 844-476-8747. <img alt="" src="form485bpos_002.jpg"/> During the periods shown in the bar chart above, the Fund’s highest quarterly return was 65.44% (quarter ended June 30, 2025) and the Fund’s lowest quarterly return was -32.77% (quarter ended March 31, 2025). The calendar year-to-date total return of the Fund as of September 30, 2026, was 408.49%. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. www.graniteshares.com 844-476-8747 highest quarterly return 0.6544 2025-06-30 lowest quarterly return -0.3277 2025-03-31 year-to-date total return 2026-09-30 4.0849 Average Annual Total Returns for the Periods Ended December 31, 2025 <div id="xdx_A87_eoef--PerformanceTableTextBlock_zZMOM2CyDVB3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zGyV6l9RSrlb" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20250101__20251231__dei--LegalEntityAxis__custom--S000076350Member_zvrjAxYl98sj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20240315__20240315__dei--LegalEntityAxis__custom--S000076350Member_zP1QiP4rRplb" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Since Inception (03/15/2024)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_z8UiQ09Ks1T5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; width: 60%; text-align: left; padding-bottom: 1pt">Return Before Taxes</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 16%; text-align: right">102.87</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">%</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 16%; text-align: right">-23.24</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z5O75dy9Xyu6" style="vertical-align: bottom; background-color: White"> <td style="text-decoration: underline; text-align: left; padding-bottom: 1pt">Return After Taxes on Distributions</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">102.87</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-23.24</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zW0BKE8yXoW1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; text-align: left; padding-bottom: 1pt">Return After Taxes on Distributions and Sale of Fund Shares</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">60.90</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-17.24</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500TotalReturnIndexMember_zMIHX0R6e9b3" style="vertical-align: bottom; background-color: White"> <td style="text-decoration: underline; text-align: left; padding-bottom: 1pt">S&P 500 Total Return Index (reflects no deduction for fees, expenses or taxes)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">17.88</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">19.11</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> </table> 2024-03-15 1.0287 -0.2324 1.0287 -0.2324 0.6090 -0.1724 0.1788 0.1911 Investment Objective The Fund seeks daily investment results, before fees and expenses, of -2 times (-200%) the daily percentage change of the common stock of Advanced Micro Devices, Inc. (NASDAQ: AMD). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A83_eoef--AnnualFundOperatingExpensesTableTextBlock_zaziJo7bOMV9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zjPjbWQdAIwa" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_493_20261028__20261028__oef--ClassAxis__custom--C000243807Member_z5gwkpMkk8bk" style="text-align: right">1.30</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: left; font-style: normal; font-weight: normal">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_zrn32VkEK0C1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_zIUACtPwob72" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp_zzMlKJCCJH3c" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.06</td><td style="text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zR7prJHaFjf7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_iT_dp_zrDinDMICV51" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dp_z4JwRI5z5yp" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements (4)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_iT_dp_zwrMPxL6dVBc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0130 0.0000 0.0006 0.0003 0.0139 0.0139 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8E_eoef--ExpenseExampleWithRedemptionTableTextBlock_zfNJNA7yeNTb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zNcZFf5wtTq5" style="font: 10pt Times New Roman, Times, Serif; width: 60%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000243807Member_zaja6TGVDc9k" style="width: 47%; text-align: right">145</td><td style="width: 2%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_985_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000243807Member_zeTRfSYUHL6j" style="width: 47%; text-align: right">474</td><td style="width: 1%; text-align: left"> </td></tr> </table> 145 474 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet launched. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2x the inverse (-200%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately -200% of the Fund’s net asset value. The Fund aims to generate the inverse daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the inverse performance of the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money put option contracts, or simultaneously buy an at-the-money put option contract and sell an at-the-money call option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each put option contract bought and receive the premium for each call option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the put and sells the call option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the inverse performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the semi-conductor industry. Advanced Micro Devices, Inc. is a global semi-conductor company. It operates through four segments: data center, client, gaming, and embedded. AMD is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by AMD pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-07882 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding AMD may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance decreases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Advanced Micro Devices, Inc. The common stock of Advanced Micro Devices, Inc. (AMD) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Advanced Micro Devices, Inc. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Advanced Micro Devices, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the semiconductor sector. The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by the company’s significant customer losses, its inability to develop and implement new technologies, its reliance on third-party distributors and platforms, cybersecurity attacks, its inability to protect its intellectual property rights and global laws and regulations affecting privacy, data protection and technology protections. The semiconductor industry may also be affected by risks that affect the broader technology sector, including: government regulation; dramatic and often unpredictable changes in growth rates and competition for qualified personnel; and a small number of companies representing a large portion of the technology sector as a whole. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zr8XRnrMMeA9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the daily inverse returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate inverse daily returns. For a Fund aiming to replicate the inverse performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 17.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Inverse Fund would be expected to lose 95.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Inverse Fund can be expected to return less than -200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of the Underlying Stock. The Inverse Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td rowspan="3" style="border-top: black 1pt solid; border-right: black 1pt dotted; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap">One Year Performance of the Underlying Stock</td> <td rowspan="3" style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap">-200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td rowspan="2" style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap">10% </td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"> </td> <td rowspan="2" style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap">50% </td> <td rowspan="2" style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap">75% </td> <td rowspan="2" style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap">100% </td> <td rowspan="2" style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap">125% </td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap">25% </td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap">150% </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 47%; text-align: center">-95%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 18%; text-align: center">190%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">36110.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">31935.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">18570.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">7461.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">2021.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">292.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #DA8E86; text-align: center">-53.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">9182.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">7895.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">4554.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">1756.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">406.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-8.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-89.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">2261.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">1930.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">1074.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">367.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">23.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-78.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">962.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">810.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">421.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">108.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-45.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-90.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">500.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">415.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">196.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">15.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-69.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-94.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">286.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">230.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">89.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-25.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-80.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-96.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">168.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">130.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">31.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-48.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-97.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">98.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">69.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-62.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-90.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-98.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">51.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">29.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-26.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-71.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-98.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">2.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-41.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-77.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-2.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-52.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-81.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-95.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-84.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-96.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-32.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-42.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-67.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-87.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-96.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-42.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-51.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-89.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-97.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-50.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-57.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-76.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-90.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-97.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-56.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-79.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-92.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-62.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-67.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-81.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-66.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-71.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-83.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-70.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-74.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-73.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-77.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-95.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-200%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-74.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-78.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-95.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 58.02%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 73.05% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 33.75%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from -200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect -200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Short Sale Exposure Risk: The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock increases more than 50%. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsRiskMember_zQxyvG62goqa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zxys2skCIk9k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zgk35kQ0uoFi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate -2x the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_90B_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000081136Member_zjT0Row1li31">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Amazon.com, Inc. (NASDAQ: AMZN). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A88_eoef--AnnualFundOperatingExpensesTableTextBlock_zFQU5owNWMi7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zub4kureOLni" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_494_20261028__20261028__oef--ClassAxis__custom--C000236100Member_z5SiDss8iXgd" style="text-align: right">0.99</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_zZM5sPwJIiu6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">0.99</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_ze2Pb3GRczQg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp_zVmzeOFg4D4e" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.12</td><td style="text-align: left">%</td></tr> <tr id="xdx_40F_ecustom--RecoupmentOfPreviouslyWaivedExpenses_dp_zk9mNEuLWOg8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Recoupment of previously waived expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.04</td><td style="text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zRZEQk6MqmZ7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_iT_dp_zbmr5Hzysxxc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.18</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dp_zFmzKycLkBlg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements/Fees Paid Indirectly (4), (5)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_iT_dp_zTK10jTlGSJ6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4), (5)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.15</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are based on actual amounts incurred during the Fund’s fiscal period ended June 30, 2026.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s fiscal ending June 30, 2027.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.15%. This agreement is effective until December 31, 2027 and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(5)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The Funds’ have a fee arrangement with its custodian which provides for custody fees to be reduced by Create/Redeem credits received by the custodian from Authorized Participants.</td></tr> </table> 0.0099 0.0000 0.0012 0.0004 0.0003 0.0118 -0.0003 0.0115 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8E_eoef--ExpenseExampleWithRedemptionTableTextBlock_z36H0SBo1Hm7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zTClILLI5Czi" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">5 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">10 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000236100Member_zu8cZtFkZ7Ja" style="width: 23%; text-align: right">117</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000236100Member_z3cdBEovcT32" style="width: 23%; text-align: right">372</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_eoef--ExpenseExampleYear05_c20261028__20261028__oef--ClassAxis__custom--C000236100Member_zdFV58TRBtoj" style="width: 20%; text-align: right">646</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_983_eoef--ExpenseExampleYear10_c20261028__20261028__oef--ClassAxis__custom--C000236100Member_z9sq5AfMo5O1" style="width: 20%; text-align: right">1,428</td><td style="width: 1%; text-align: left"> </td></tr> </table> 117 372 646 1428 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio, since the Fund invested only in instruments that are excluded from portfolio turnover rate calculations. However, if the Fund’s use of derivatives were reflected, the Fund’s portfolio turnover rate would be higher. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2 times (200%) the daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and Flexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the daily performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the retail industry. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Amazon.com, Inc. The common stock of Amazon.com, Inc. (AMZN) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Amazon.com, Inc. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Amazon.com, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by the company’s ability to expand into new products, services or technologies, increased competition in the e-commerce industry, successfully operate its fulfillment and data centers, cybersecurity attacks, changes in supplier relationships, demand for certain consumer products, product liability issues, changes in tax liability and evolving government regulations. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zEEEFu23SvVf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the leveraged daily returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 47%; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 18%; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-180%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-160%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-140%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-120%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-50%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-100%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 37.04%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 52.28% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 8.35%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--OnlineBusinessServicesAndRetailCompanyRisksMember_zsfWx34y6DBj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">On-Line Business Services and Retail Company Risks: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the online retail company sector. Companies that operate in the online marketplace and retail segments are subject to fluctuating consumer demand. Unlike traditional brick and mortar retailers, online marketplaces and retailers must assume shipping costs or pass such costs to consumers. Consumer access to price information for the same or similar products may cause companies that operate in the online marketplace and retail segments to reduce profit margins in order to compete. Due to the nature of their business models, companies that operate in the online marketplace and retail segments may also be subject to heightened cyber security risk, including the risk of theft or damage to vital hardware, software and information systems. The loss or public dissemination of sensitive customer information or other proprietary data may negatively affect the financial performance of such companies to a greater extent than traditional brick and mortar retailers. As a result of such companies being web-based and the fact that they process, store, and transmit large amounts of data, including personal information, for their customers, failure to prevent or mitigate data loss or other security breaches, including breaches of vendors’ technology and systems, could expose companies that operate in the online marketplace and retail segments or their customers to a risk of loss or misuse of such information, adversely affect their operating results, result in litigation or potential liability, and otherwise harm their businesses. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investments as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” and “Leverage Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: The following performance information indicates some of the risks of investing in the Fund. The bar chart shows the Fund’s performance from year to year. The table illustrates how the Fund’s average annual returns for the 1-year and since inception periods compared with those of a broad measure of market performance. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_90F_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000076354Member_zCj9e8kSgoU">The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Updated performance information is also available on the Fund’s website at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_904_eoef--PerformanceAvailabilityWebSiteAddress_c20261028__20261028__dei--LegalEntityAxis__custom--S000076354Member_zIOc8Jv7tAV3">www.graniteshares.com or by calling the Fund toll free at 844-476-8747. <img alt="" src="form485bpos_003.jpg"/> During the periods shown in the bar chart above, the Fund’s highest quarterly return was 23.92% (quarter ended June 30, 2025) and the Fund’s lowest quarterly return was -27.74% (quarter ended March 31, 2025). The calendar year-to-date total return of the Fund as of September 30, 2026, was 1.37%. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. www.graniteshares.com 844-476-8747 highest quarterly return 0.2392 2025-06-30 lowest quarterly return 0.2774 2025-03-31 year-to-date total return 2026-09-30 0.0137 Average Annual Total Returns for the Periods Ended December 31, 2025 <div id="xdx_A8D_eoef--PerformanceTableTextBlock_zX65s50b9HJ5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zuj0PUM14d7e" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20250101__20251231__dei--LegalEntityAxis__custom--S000076354Member_z8QQSyJjOKyh" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20240315__20240315__dei--LegalEntityAxis__custom--S000076354Member_zop3HELhE5Dc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Since Inception (03/15/2024)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_zYJPjoE7zRQ" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; width: 60%; text-align: left; padding-bottom: 1pt">Return Before Taxes</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 16%; text-align: right">-9.00</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">%</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 16%; text-align: right">13.58</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zgNPRvDcpB74" style="vertical-align: bottom; background-color: White"> <td style="text-decoration: underline; text-align: left; padding-bottom: 1pt">Return After Taxes on Distributions</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-9.00</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">13.58</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zOyHBeXsKOD8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; text-align: left; padding-bottom: 1pt">Return After Taxes on Distributions and Sale of Fund Shares</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-5.33</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10.47</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500TotalReturnIndexMember_zAvPzsFC1fMb" style="vertical-align: bottom; background-color: White"> <td style="text-decoration: underline; text-align: left; padding-bottom: 1pt">S&P 500 Total Return Index (reflects no deduction for fees, expenses or taxes)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">17.88</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">19.11</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> </table> 2024-03-15 -0.0900 0.1358 -0.0900 0.1358 -0.0533 0.1047 0.1788 0.1911 Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of AppLovin Corporation (Nasdaq: APP). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A8A_eoef--AnnualFundOperatingExpensesTableTextBlock_zbtSZ20mzu1k"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zGB3pNRYr95b" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_49C_20261028__20261028__oef--ClassAxis__custom--C000262878Member_ziU66MHSD2ra" style="text-align: right">1.30</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_zGk2DQbRJEU5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_zOb25dVKMfab" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp_zzcZy7UAtEwh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.06</td><td style="text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zmeqDZlDMRp9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_iT_dp_zpcynhBCv6le" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dp_ziPncvzwcGA8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements (4)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_iT_dp_z9LxL7tAw5Ob" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0130 0.0000 0.0006 0.0003 0.0139 0.0139 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8A_eoef--ExpenseExampleWithRedemptionTableTextBlock_zXOeuSK0lMK5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zFoatgtcePnc" style="font: 10pt Times New Roman, Times, Serif; width: 60%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_98A_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000262878Member_zgolGUSgvnZc" style="width: 47%; text-align: right">145</td><td style="width: 2%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98D_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000262878Member_zrB8uc02P3uf" style="width: 47%; text-align: right">474</td><td style="width: 1%; text-align: left"> </td></tr> </table> 145 474 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet been launched. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2 times (200%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 30% and 45% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call or sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transaction, which is a transaction under which the purchaser (i.e., the Fund) acquires a security and the seller agrees, at the time of the sale, to repurchase the security at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) equity or fixed income securities for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the daily performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the software and information technology industry. AppLovin Corporation provides end-to-end artificial intelligence-powered (AI) advertising solutions for businesses to reach, monetize and grow their global audience. The Company also has a globally diversified portfolio of apps, free-to-play mobile games that it operates through its owned or partner studios. AppLovin Corporation is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by AppLovin Corporation pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-261377 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding AppLovin Corporation may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of AppLovin Corporation. The common stock of AppLovin Corporation is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by AppLovin Corporation pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding AppLovin Corporation may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the software and information technology industry. The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by global markets and demand for its products and services, its ability to develop new products and services, inventory levels, supply chain issues, the performance of third-party software developers, system and network failures, privacy and cybersecurity breaches and changes in international and government regulations. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology industry may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_z0MA6GkrLJy" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the daily leverage returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">25%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">50%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">75%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 38%; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 20%; text-align: center">-190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-180%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-160%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-140%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-120%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-50%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-100%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">190%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 79.64%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 95.60% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 33.24%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily leverage performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” and “Leverage Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_907_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000094376Member_zp1TDDoYjyzg">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the ADR of Arm Holdings plc (NASDAQ: ARM). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A88_eoef--AnnualFundOperatingExpensesTableTextBlock_zOZfHLEdItrd"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_z6rwJdS9FmF2" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_49A_20261028__20261028__oef--ClassAxis__custom--C000258151Member_zsAVTelEIVNe" style="text-align: right">1.30</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_zX916q2kcV1g" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_zvJ3spMr1Og6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp_zCl6p3iquSm9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.06</td><td style="text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zwfeCIWXDRvk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_iT_dp_z32Q8j0QY7gb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dp_zs9iiEzwaof8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements (4)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_iT_dp_zslpPmIqEzWb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0130 0.0000 0.0006 0.0003 0.0139 0.0139 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8A_eoef--ExpenseExampleWithRedemptionTableTextBlock_zvKliZ7nUJDg"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zyhp1AQS4E1g" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_985_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000258151Member_zaXZDC9UzcCb" style="width: 47%; text-align: right">145</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_989_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000258151Member_z9nPDQAzxnyc" style="width: 47%; text-align: right">474</td><td style="width: 1%; text-align: left"> </td></tr> </table> 145 474 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet been launched. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2 times (200%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money put option contracts, or simultaneously buy an at-the-money put option contract and sell an at-the-money call option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each put option contract bought and receive the premium for each call option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the put and sells the call option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the inverse performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the semi-conductor industry. Arm Holdings plc is a semiconductor intellectual property (IP) company. It develops and licenses IP for various devices worldwide, and it provides development tools for product development, from sensors to smartphones to servers. It provides processor IP that aims to address the performance, power and cost requirements of devices, from internet of things sensors to supercomputers, and from smartphones and laptops to autonomous vehicles. ARM is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by ARM pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-41800 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding ARM may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and does not relate to the shares of or other securities of Arm Holdings plc (ARM). The Fund has derived all disclosures contained in this document regarding ARM from the publicly available documents. The Fund references the Underlying Stock which is an ADR. ADRs provide U.S. investors access to foreign stocks on domestic exchanges but can exhibit pricing differences compared to the underlying foreign stocks. These differences stem from factors such as currency fluctuations, market dynamics, liquidity variances, and tax implications. Additionally, corporate actions and ADR fees and expenses can contribute to disparities in pricing between ADRs and the foreign stocks they represent. ARM is registered as a foreign private issuer under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC related to ARM pursuant to the Exchange Act can be located by reference to the SEC file number 333-119714 through the SEC’s website at www.sec.gov. In addition, information regarding ARM may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the semiconductor industry. The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by the company’s significant customer losses, its inability to develop and implement new technologies, its reliance on third-party distributors and platforms, cybersecurity attacks, its inability to protect its intellectual property rights and global laws and regulations affecting privacy, data protection and technology protections. The semiconductor industry may also be affected by risks that affect the broader technology sector, including government regulation; dramatic and often unpredictable changes in growth rates and competition for qualified personnel; and a small number of companies representing a large portion of the technology sector as a whole. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zx8HtHNKlgkc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the daily inverse returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate inverse daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Inverse Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Inverse Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Inverse Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 38%; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 20%; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-180%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-160%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-140%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-120%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-50%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-100%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate from September 13, 2023 (the Underlying Stock’s IPO date) to August 31, 2026, was 79.31%. During the period observed the Underlying Stock’s highest volatility rate over a 12-month period was 93.70% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the period considered was 68.99%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect -100% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zvWRzRryjQpc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zDFBc3BCrw4i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--UKInvestingRiskMember_zgQZnHKEmOKi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">U.K. Investing Risk: the Underlying Stock will subject the Fund to regulatory, political, currency, security, and economic risks specific to the U.K. The U.K.’s economy relies heavily on the export of financial services to the U.S. and other European countries. A prolonged slowdown in the financial services sector may have a negative impact on the U.K.’s economy. In the past, the U.K. has been a target of terrorism. Acts of terrorism in the U.K. or against U.K. interests may cause uncertainty in the U.K.’s financial markets and adversely affect the performance of the issuers to which the Fund has exposure. Secessionist movements, such as the Catalan movement in Spain and the independence movement in Scotland, may have an adverse effect on the U.K. economy. On January 31, 2020, the U.K. officially left the EU (Brexit), subject to a transitional period that ended December 31, 2020. The U.K. and EU have reached an agreement on the terms of their future trading relationship effective January 1, 2021, which principally relates to the trading of goods rather than services, including financial services. Further discussions are to be held between the U.K. and the EU in relation to matters not covered by the trade agreement, such as financial services. The Fund faces risks associated with the potential uncertainty and consequences that may follow Brexit, including with respect to volatility in exchange rates and interest rates. Brexit could adversely affect European or worldwide political, regulatory, economic or market conditions and could contribute to instability in global political institutions, regulatory agencies and financial markets. Brexit has also led to legal uncertainty and could lead to politically divergent national laws and regulations as a new relationship between the U.K. and EU is defined and the U.K. determines which EU laws to replace or replicate. Any of these effects of Brexit could adversely affect the Underlying Stock to which the Fund has exposure and any other assets that the Fund invests in. The political, economic and legal consequences of Brexit are not yet known. In the short term, financial markets may experience heightened volatility, particularly those in the U.K. and Europe, but possibly worldwide. The U.K. and Europe may be less stable than they have been in recent years, and investments in the U.K. and the EU may be difficult to value or subject to greater or more frequent volatility. In the longer term, there is likely to be a period of significant political, regulatory and commercial uncertainty as the U.K. continues to negotiate the terms of its future trading relationship with the EU. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate -2x the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” and “Leverage Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_900_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000090803Member_zrC1vX3R5EQf">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Broadcom Inc. (NASDAQ: AVGO). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A82_eoef--AnnualFundOperatingExpensesTableTextBlock_zFy1XsK9nb1d"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zy1vcJjHBoFa" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_490_20261028__20261028__oef--ClassAxis__custom--C000254512Member_z6dPnaKKR2bk" style="text-align: right">1.30</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_zCFfCZV1Vili" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_zAGwJ8UlQ53d" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp_zhZdVjYsDBo2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.33</td><td style="text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zWjbyHL8IUw1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (1)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_iT_dp_zGY3zFEu9yJ3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (2)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.66</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dp_zOOBFRP8qnO2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements/Fees Paid Indirectly (3), (5)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-0.13</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_iT_dp_ze0TBgabnoSf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (5)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.53</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(5)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The Funds’ have a fee arrangement with its custodian which provides for custody fees to be reduced by Create/Redeem credits received by the custodian from Authorized Participants.</td></tr> </table> 0.0130 0.0000 0.0033 0.0003 0.0166 -0.0013 0.0153 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_z4BuHSqhC9mh"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zr2Eue6b0Wvc" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">5 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">10 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000254512Member_ztBzRf5AFCKe" style="width: 22%; text-align: right">156</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000254512Member_z65UOC8Q4iT4" style="width: 22%; text-align: right">511</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_eoef--ExpenseExampleYear05_c20261028__20261028__oef--ClassAxis__custom--C000254512Member_z3VWQAYQ33P7" style="width: 22%; text-align: right">889</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eoef--ExpenseExampleYear10_c20261028__20261028__oef--ClassAxis__custom--C000254512Member_zm8mJQCTx9d6" style="width: 20%; text-align: right">1,952</td><td style="width: 1%; text-align: left"> </td></tr> </table> 156 511 889 1952 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio, since the Fund invested only in instruments that are excluded from portfolio turnover rate calculations. However, if the Fund’s derivatives were reflected, the Fund’s portfolio turnover rate would be higher. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2 times (200%) the daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the daily performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the information technology and the semi-conductor industry. Broadcom Inc. is a global technology company that designs, develops, and supplies a broad range of semiconductor, enterprise software and security solutions. AVGO is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by AVGO pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-38449 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding AVGO may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Broadcom Inc. The common stock of Broadcom Inc. (AVGO) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Broadcom Inc. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Broadcom Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the information technology and semi-conductor industries. The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by global markets and demand for its products and services, its ability to develop new products and services, inventory levels, supply chain issues, the performance of third-party software developers, system and network failures, privacy and cybersecurity breaches and changes in international and government regulations. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology industry may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel. The performance of the Underlying Stock, and consequently the Fund’s performance, is also subject to the risks of the semiconductor industry. The risks of investments in the semiconductor industry include: intense competition, both domestically and internationally, including competition from subsidized foreign competitors with lower production costs; wide fluctuations in securities prices due to risks of rapid obsolescence of products; economic performance of the customers of semiconductor companies; their research costs and the risks that their products may not prove commercially successful; capital equipment expenditures that could be substantial and suffer from rapid obsolescence; and thin capitalization and limited product lines, markets, financial resources or personnel. The semiconductor industry may also be affected by risks that affect the broader technology sector, including government regulation; dramatic and often unpredictable changes in growth rates and competition for qualified personnel; heavy dependence on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability; and a small number of companies representing a large portion of the technology sector as a whole. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zg4Us8VBLcKj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the leveraged daily returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">25%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">50%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">75%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 38%; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 20%; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white; text-align: center">-180%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white; text-align: center">-160%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white; text-align: center">-140%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white; text-align: center">-120%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white; text-align: center">-50%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white; text-align: center">-100%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 44.98%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 64.23% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 52.50%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zPdWXiZGz6Mg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zvpRaPlN7He" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions. The Fund may be required to deviate from its investment objective as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” and “Leverage Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: The Fund has not yet completed a full calendar year as of the date of this prospectus and therefore does not have a performance history for a full calendar year. Once available, the Fund’s performance information will be accessible on the Fund’s website at www.graniteshares.com and will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance and by showing how the Fund’s returns compare with those of a broad measure of market performance. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_90F_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000088314Member_zBW8rS703sr6">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.graniteshares.com The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Investment Objective The Fund seeks daily investment results, before fees and expenses, of -2 times (-200%) the daily percentage change of the common stock of Broadcom Inc. (NASDAQ: AVGO). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A89_eoef--AnnualFundOperatingExpensesTableTextBlock_zPmzMYXbehI3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zVXyCLbZsI1b" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none; text-align: left">Management Fee</td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_497_20261028__20261028__oef--ClassAxis__custom--C000254496Member_zCAw88yAWlUf" style="display: none; text-align: right">1.30</td><td style="display: none; text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_zqFeYqafPSE7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_zvkXEhsNf48l" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp_z6T0tpK2krT1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.06</td><td style="text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zANpLne44lu3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_iT_dp_zkZDWC98Ciui" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dp_z0MZHYnkpC5k" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements (4)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_iT_dp_zgJMdvId1Juf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0130 0.0000 0.0006 0.0003 0.0139 0.0139 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_zDYHQE7q7BF6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zPrwqQ1rk0hc" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_989_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000254496Member_znuqTVZUCdrj" style="width: 47%; text-align: right">145</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000254496Member_zT0bHyfchsrj" style="width: 47%; text-align: right">474</td><td style="width: 1%; text-align: left"> </td></tr> </table> 145 474 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet been launched. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2x the inverse (-200%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately -200% of the Fund’s net asset value. The Fund aims to generate the inverse daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money put option contracts, or simultaneously buy an at-the-money put option contract and sell an at-the-money call option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each put option contract bought and receive the premium for each call option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the put and sells the call option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the inverse performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the information technology and the semi-conductor industry. Broadcom Inc. is a global technology company that designs, develops, and supplies a broad range of semiconductor, enterprise software and security solutions. AVGO is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by AVGO pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-38449 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding AVGO may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance decreases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Broadcom Inc. The common stock of Broadcom Inc. (AVGO) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Broadcom Inc. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Broadcom Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the information technology and semi-conductor industries. The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by global markets and demand for its products and services, its ability to develop new products and services, inventory levels, supply chain issues, the performance of third-party software developers, system and network failures, privacy and cybersecurity breaches and changes in international and government regulations. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology industry may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel. The performance of the Underlying Stock, and consequently the Fund’s performance, is also subject to the risks of the semiconductor industry. The risks of investments in the semiconductor industry include: intense competition, both domestically and internationally, including competition from subsidized foreign competitors with lower production costs; wide fluctuations in securities prices due to risks of rapid obsolescence of products; economic performance of the customers of semiconductor companies; their research costs and the risks that their products may not prove commercially successful; capital equipment expenditures that could be substantial and suffer from rapid obsolescence; and thin capitalization and limited product lines, markets, financial resources or personnel. The semiconductor industry may also be affected by risks that affect the broader technology sector, including: government regulation; dramatic and often unpredictable changes in growth rates and competition for qualified personnel; heavy dependence on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability; and a small number of companies representing a large portion of the technology sector as a whole. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zd992KK89CBc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the daily inverse returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate inverse daily returns. For a Fund aiming to replicate the inverse performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 17.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Inverse Fund would be expected to lose 95.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Inverse Fund can be expected to return less than -200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of the Underlying Stock. The Inverse Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; text-align: center">-200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 38%; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 20%; text-align: center">190%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">36110.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">31935.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">18570.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">7461.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">2021.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">292.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #DA8E86; text-align: center">-53.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">9182.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">7895.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">4554.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">1756.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">406.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-8.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-89.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">2261.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">1930.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">1074.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">367.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">23.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-78.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">962.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">810.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">421.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">108.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-45.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-90.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">500.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">415.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">196.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">15.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-69.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-94.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">286.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">230.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">89.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-25.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-80.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-96.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">168.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">130.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">31.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-48.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-97.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">98.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">69.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-62.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-90.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-98.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">51.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">29.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-26.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-71.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-98.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">2.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-41.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-77.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-2.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-52.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-81.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-95.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-84.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-96.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-32.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-42.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-67.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-87.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-96.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-42.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-51.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-89.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-97.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-50.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-57.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-76.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-90.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-97.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-56.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-79.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-92.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-62.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-67.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-81.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-66.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-71.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-83.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-70.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-74.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-73.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-77.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-95.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-200%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-74.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-78.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-95.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 44.98%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 64.23% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 52.50%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from -200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect -200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Short Sale Exposure Risk: The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock increases more than 50%. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_z9uLcnbWsSX6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_z5qH3kh0Up6d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate -2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_90B_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000088297Member_zqudwebn9gvk">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the ADR of Alibaba Group Holding Limited (NYSE: BABA). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A8D_eoef--AnnualFundOperatingExpensesTableTextBlock_z9KhA9uyLsvh"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zFeA3eyqNqg3" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none; text-align: left">Management Fee</td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_492_20261028__20261028__oef--ClassAxis__custom--C000236098Member_z5FioGLPFmma" style="display: none; text-align: right">0.99</td><td style="display: none; text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_zbc5PT6Qs5I9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">0.99</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_zpH8wezN17D6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp_zTmr7xVcTHGa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.07</td><td style="text-align: left">%</td></tr> <tr id="xdx_402_ecustom--RecoupmentOfPreviouslyWaivedExpenses_dp_zAcW8gEhdsuh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Recoupment of previously waived expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.03</td><td style="text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zb7q1s8spQYf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_iT_dp_zjLoZCwpli03" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.12</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dp_zvnGXYYikcR6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements/Fees Paid Indirectly (4), (5)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_iT_dp_zzpCEIhjqIY5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4), (5)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.09</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are based on actual amounts incurred during the Fund’s fiscal period ended June 30, 2026.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.15%. This agreement is effective until December 31, 2027 and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(5)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The Funds’ have a fee arrangement with its custodian which provides for custody fees to be reduced by Create/Redeem credits received by the custodian from Authorized Participants.</td></tr> </table> 0.0099 0.0000 0.0007 0.0003 0.0003 0.0112 -0.0003 0.0109 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8C_eoef--ExpenseExampleWithRedemptionTableTextBlock_zaaWOa7HsQy2"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zs5eG5GJrzNa" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">5 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">10 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000236098Member_zV05NLW7NEzk" style="width: 22%; text-align: right">111</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_989_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000236098Member_z8A34oYo4Acb" style="width: 22%; text-align: right">353</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_eoef--ExpenseExampleYear05_c20261028__20261028__oef--ClassAxis__custom--C000236098Member_z4IWCiK7YQB3" style="width: 22%; text-align: right">614</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eoef--ExpenseExampleYear10_c20261028__20261028__oef--ClassAxis__custom--C000236098Member_zNNIXGawVXpc" style="width: 20%; text-align: right">1,359</td><td style="width: 1%; text-align: left"> </td></tr> </table> 111 353 614 1359 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio, since the Fund invested only in instruments that are excluded from portfolio turnover rate calculations. However, if the Fund’s use of derivatives were reflected, the Fund’s portfolio turnover rate would be higher. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2 times (200%) the daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the daily performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the business services industry. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Alibaba Group Holding Limited. The American Deposit Share of Alibaba Group Holding Limited (BABA) is registered under the Securities Exchange Act of 1933, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Alibaba Group Holding Limited pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Alibaba Group Holding Limited may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by trends in commerce, and cloud computing, changes in the economic conditions in China and globally, international trade policies, the company’s investment transactions and changes in governmental regulations. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_z8XJPlt5q6sb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the leveraged daily returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 47%; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 18%; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-180%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-160%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-140%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-120%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-50%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-100%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 52.40%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 77.32% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was -6.91%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to the Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of the Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and the Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--OnlineBusinessServicesAndRetailCompanyRisksMember_zsgkDfkTMo34" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">On-Line Business Services and Retail Company Risks: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the online retail company sector. Companies that operate in the online marketplace and retail segments are subject to fluctuating consumer demand. Unlike traditional brick and mortar retailers, online marketplaces and retailers must assume shipping costs or pass such costs to consumers. Consumer access to price information for the same or similar products may cause companies that operate in the online marketplace and retail segments to reduce profit margins in order to compete. Due to the nature of their business models, companies that operate in the online marketplace and retail segments may also be subject to heightened cyber security risk, including the risk of theft or damage to vital hardware, software and information systems. The loss or public dissemination of sensitive customer information or other proprietary data may negatively affect the financial performance of such companies to a greater extent than traditional brick and mortar retailers. As a result of such companies being web-based and the fact that they process, store, and transmit large amounts of data, including personal information, for their customers, failure to prevent or mitigate data loss or other security breaches, including breaches of vendors’ technology and systems, could expose companies that operate in the online marketplace and retail segments or their customers to a risk of loss or misuse of such information, adversely affect their operating results, result in litigation or potential liability, and otherwise harm their businesses. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objective as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” and “Leverage Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: The following performance information indicates some of the risks of investing in the Fund. The bar chart shows the Fund’s performance from year to year. The table illustrates how the Fund’s average annual returns for the 1-year and since inception periods compared with those of a broad measure of market performance. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_900_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000076352Member_zfreX0jit1Ne">The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Updated performance information is also available on the Fund’s website at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_902_eoef--PerformanceAvailabilityWebSiteAddress_c20261028__20261028__dei--LegalEntityAxis__custom--S000076352Member_znAePcJTzExj">www.graniteshares.com or by calling the Fund toll free at 844-476-8747. <img alt="" src="form485bpos_004.jpg"/> During the periods shown in the bar chart above, the Fund’s highest quarterly return was 129.18% (quarter ended September 30, 2025) and the Fund’s lowest quarterly return was -39.84% (quarter ended December 31, 2024). The calendar year-to-date total return of the Fund as of September 30, 2026, was -54.91%. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. www.graniteshares.com 844-476-8747 highest quarterly return 129.18 2025-09-30 lowest quarterly return -39.84 2024-12-31 year-to-date total return 2026-09-30 -54.91 Average Annual Total Returns for the Periods Ended December 31, 2025 <div id="xdx_A8A_eoef--PerformanceTableTextBlock_z4aPwuvUbfY1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_znzJiSck28Rj" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Since Inception (12/12/2022)</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; width: 60%; text-align: left; padding-bottom: 1pt">Return Before Taxes</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td id="xdx_98A_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__dei--LegalEntityAxis__custom--S000076352Member_z5ZBBfpMXZhc" style="border-bottom: Black 1pt solid; width: 16%; text-align: right">124.13</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">%</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td id="xdx_98E_eoef--AvgAnnlRtrPct_dp_c20221212__20221212__dei--LegalEntityAxis__custom--S000076352Member_zVZMAFC6y2t7" style="border-bottom: Black 1pt solid; width: 16%; text-align: right">12.75</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-decoration: underline; text-align: left; padding-bottom: 1pt">Return After Taxes on Distributions</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_986_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__dei--LegalEntityAxis__custom--S000076352Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zv0JAB2Hv168" style="border-bottom: Black 1pt solid; text-align: right">124.13</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_985_eoef--AvgAnnlRtrPct_dp_c20221212__20221212__dei--LegalEntityAxis__custom--S000076352Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zn64NA3SX8rh" style="border-bottom: Black 1pt solid; text-align: right">12.75</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; text-align: left; padding-bottom: 1pt">Return After Taxes on Distributions and Sale of Fund Shares</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_983_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__dei--LegalEntityAxis__custom--S000076352Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zIpK6KwLwSN8" style="border-bottom: Black 1pt solid; text-align: right">73.48</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_eoef--AvgAnnlRtrPct_dp_c20221212__20221212__dei--LegalEntityAxis__custom--S000076352Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zUXth3Ijmeoi" style="border-bottom: Black 1pt solid; text-align: right">9.98</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-decoration: underline; font-style: italic; text-align: left; padding-bottom: 1pt">S&P 500 (no fees, expenses, or taxes applied)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__dei--LegalEntityAxis__custom--S000076352Member__oef--PerformanceMeasureAxis__custom--SAndP500Member_zxIm0FM305U1" style="border-bottom: Black 1pt solid; text-align: right">17.88</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_983_eoef--AvgAnnlRtrPct_dp_c20221212__20221212__dei--LegalEntityAxis__custom--S000076352Member__oef--PerformanceMeasureAxis__custom--SAndP500Member_zfqoqyzCXm3e" style="border-bottom: Black 1pt solid; text-align: right">21.07</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> </table> 2022-12-12 1.2413 0.1275 1.2413 0.1275 0.7348 0.0998 0.1788 0.2107 Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Carnival Corp. (NYSE: CCL). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A80_eoef--AnnualFundOperatingExpensesTableTextBlock_zSBpzG2HTUA"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_ziZRcBFSDtRi" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none; text-align: left">Management Fee</td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_49F_20261028__20261028__oef--ClassAxis__custom--S000088315Member_z9Xegtx8Zb02" style="display: none; text-align: right">1.30</td><td style="display: none; text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: left; font-style: normal; font-weight: normal">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_zx2DoVbcTcwb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_zMGMhbZyCoDk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp_zzElKtz83iN3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.06</td><td style="text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zAtMuynJOadc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_iT_dp_zFsZrLYfevA5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dp_zLpYlci4BBMg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements (4)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_iT_dp_z691JsCJAoUl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0130 0.0000 0.0006 0.0003 0.0139 0.0139 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A88_eoef--ExpenseExampleWithRedemptionTableTextBlock_z7ko4melgVk6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zrz9MTG1q9F3" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_986_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--S000088315Member_zxl6jf4vimYj" style="width: 47%; text-align: right">145</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--S000088315Member_znHPrrVXdHbg" style="width: 47%; text-align: right">474</td><td style="width: 1%; text-align: left"> </td></tr> </table> 145 474 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet been launched. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2 times (200%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call or sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the daily performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the consumer discretionary industry. Carnival Corp. is a leisure travel company. Carnival Corp.’s portfolio of cruise lines, including AIDA Cruises, Carnival Cruise Line, Costa Cruises, Cunard, Holland America Line, P&O Cruises (Australia), P&O Cruises (UK), Princess Cruises and Seabourn. CCL is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by CCL pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-09610 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding META may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Carnival Corp. The common stock of Carnival Corp. (CCL) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Carnival Corp. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Carnival Corp. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the consumer discretionary industry. The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. Success depends heavily on disposable household income and consumer spending and may be strongly affected by social trends and marketing campaigns. Also, companies in the consumer discretionary industry may be subject to severe competition, which may have an adverse impact on a company’s profitability. Changes in demographics and consumer tastes also can affect the demand for, and success of, consumer discretionary products in the marketplace. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zVf2jAv5w2F7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the daily leverage returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Inverse Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Inverse Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Inverse Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">10%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">25%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">50%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">75%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">100%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">125%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 38%; border-left: black 1pt solid; text-align: center">-95%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 20%; border-left: black 1pt dotted; border-bottom: black 1pt solid; text-align: center">-190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; width: 6%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; width: 6%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-left: black 1pt solid; text-align: center">-90%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; text-align: center">-180%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-left: black 1pt solid; text-align: center">-80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; text-align: center">-160%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-left: black 1pt solid; text-align: center">-70%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; text-align: center">-140%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-left: black 1pt dotted; text-align: center">-120%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">-50%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; text-align: center">-100%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-left: black 1pt solid; text-align: center">-40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-left: black 1pt solid; text-align: center">-30%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-left: black 1pt solid; text-align: center">-20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-left: black 1pt solid; text-align: center">-10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-left: black 1pt solid; text-align: center">0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; text-align: center">0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-left: black 1pt solid; text-align: center">10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; text-align: center">20%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-left: black 1pt solid; text-align: center">20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; text-align: center">40%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-left: black 1pt solid; text-align: center">30%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; text-align: center">60%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-left: black 1pt solid; text-align: center">40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; text-align: center">80%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-left: black 1pt solid; text-align: center">50%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; text-align: center">100%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-left: black 1pt solid; text-align: center">60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; text-align: center">120%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-left: black 1pt solid; text-align: center">70%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; text-align: center">140%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-left: black 1pt solid; text-align: center">80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; text-align: center">160%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-left: black 1pt solid; text-align: center">90%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; text-align: center">180%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-left: black 1pt solid; text-align: center">95%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; text-align: center">190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 55.91%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 80.17% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 0.64%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” and “Leverage Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_90E_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000088315Member_zSpacUcJktif">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective The Fund seeks daily investment results, before fees and expenses, of -2 times (-200%) the daily percentage change of the common stock of Carnival Corp. (NYSE: CCL). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A85_eoef--AnnualFundOperatingExpensesTableTextBlock_zVYQkgL7RY4i"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zYJvfwfc6Jn6" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none; text-align: left">Management Fee</td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_49A_20261028__20261028__oef--ClassAxis__custom--C000254497Member_zKSGomjZuiOd" style="display: none; text-align: right">1.30</td><td style="display: none; text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; font-weight: bold">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dp_zqarF0oj4ov4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--DistributionAndService12b1FeesOverAssets_dp_z6L4UCoiU5Vl" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_409_eoef--OtherExpensesOverAssets_dp_z63JvZqz64Uf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.06</td><td style="text-align: left">%</td></tr> <tr id="xdx_409_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zBNkWlezgkF8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_iT_dp_zvpwRsJJtxH8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--FeeWaiverOrReimbursementOverAssets_dp_zuHnoNX8xZG4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements (4)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40F_eoef--NetExpensesOverAssets_iT_dp_znfjcLJfAq69" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0130 0.0000 0.0006 0.0003 0.0139 0.0139 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A87_eoef--ExpenseExampleWithRedemptionTableTextBlock_zDgYvX0LK8Pc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zMMHFoQD4Ctc" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">1 Year</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">3 Years</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td id="xdx_98B_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000254497Member_ziERvA1nME2l" style="font: 10pt Times New Roman, Times, Serif; width: 47%; text-align: right">145</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td id="xdx_983_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000254497Member_zgUHNPnM4Fl8" style="font: 10pt Times New Roman, Times, Serif; width: 47%; text-align: right">474</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> </table> 145 474 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet been launched. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2x the inverse (-200%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately -200% of the Fund’s net asset value. The Fund aims to generate the inverse daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money put option contracts, or simultaneously buy an at-the-money put option contract and sell an at-the-money call option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each put option contract bought and receive the premium for each call option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the put and sells the call option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the inverse performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the consumer discretionary industry. Carnival Corp. is a leisure travel company. Carnival Corp.’s portfolio of cruise lines, including AIDA Cruises, Carnival Cruise Line, Costa Cruises, Cunard, Holland America Line, P&O Cruises (Australia), P&O Cruises (UK), Princess Cruises and Seabourn. CCL is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by CCL pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-09610 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding META may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance decreases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Carnival Corp. The common stock of Carnival Corp. (CCL) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Carnival Corp. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Carnival Corp. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the consumer discretionary industry. The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. Success depends heavily on disposable household income and consumer spending and may be strongly affected by social trends and marketing campaigns. Also, companies in the consumer discretionary industry may be subject to severe competition, which may have an adverse impact on a company’s profitability. Changes in demographics and consumer tastes also can affect the demand for, and success of, consumer discretionary products in the marketplace. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_z7jgc0wYl8M4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the daily inverse returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate inverse daily returns. For a Fund aiming to replicate the inverse performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 17.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Inverse Fund would be expected to lose 95.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Inverse Fund can be expected to return less than -200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of the Underlying Stock. The Inverse Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; text-align: center">-200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">25%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">50%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">75%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 38%; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 20%; text-align: center">190%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">36110.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">31935.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">18570.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">7461.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">2021.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">292.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #DA8E86; text-align: center">-53.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">9182.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">7895.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">4554.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">1756.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">406.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-8.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-89.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">2261.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">1930.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">1074.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">367.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">23.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-78.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">962.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">810.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">421.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">108.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-45.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-99.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">500.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">415.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">196.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">15.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-94.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-99.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">286.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">230.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">89.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-25.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-80.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-96.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-99.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">168.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">130.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">31.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-48.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-97.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-99.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">98.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">69.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-3.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-62.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-98.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-99.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">51.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">29.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-26.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-71.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-98.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">2.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-41.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-77.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-99.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-2.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-17.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-52.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-81.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-95.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-99.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-31.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-61.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-84.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-96.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-99.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-32.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-42.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-67.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-96.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-99.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-42.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-51.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-72.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-89.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-97.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-99.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-50.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-57.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-76.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-97.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-99.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-56.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-79.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-92.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-97.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-62.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-67.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-81.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-93.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-66.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-71.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-83.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-93.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-70.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-74.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-85.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-94.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-73.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-77.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-87.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-95.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-200%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-74.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-78.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-87.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-95.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 55.91%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 80.17% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 0.64%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from -200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect -200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Short Sale Exposure Risk: The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock increases more than 50%. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate -2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_903_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000088299Member_zcZJiJbmGhoh">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Constellation Energy Corporation (Nasdaq: CEG). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div></div> <div id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_zeee4csruMNl"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zlQxmVt01l23" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none; text-align: left">Management Fee</td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_497_20261028__20261028__oef--ClassAxis__custom--C000262886Member_zO2B2wFDiKz2" style="display: none; text-align: right">1.30</td><td style="display: none; text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: left; font-weight: bold">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dp_z6XLJW8VKIF6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--DistributionAndService12b1FeesOverAssets_dp_zglY9SXUtFu5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_409_eoef--OtherExpensesOverAssets_dp_zWJhXdHfd3P" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.06</td><td style="text-align: left">%</td></tr> <tr id="xdx_409_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_z4RTHedmvmWl" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_iT_dp_znVKN2CUf7X4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--FeeWaiverOrReimbursementOverAssets_dp_zYtDvdzYWiOf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements (4)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40F_eoef--NetExpensesOverAssets_iT_dp_zWUm08HXy5Hb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0130 0.0000 0.0006 0.0003 0.0139 0.0139 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div></div> <div id="xdx_A8F_eoef--ExpenseExampleWithRedemptionTableTextBlock_z8heLxax0IMa"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_z2SJtaRaPcbe" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">1 Year</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">3 Years</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td id="xdx_984_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000262886Member_zDwAvJdxHv0f" style="font: 10pt Times New Roman, Times, Serif; width: 47%; text-align: right">145</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td id="xdx_98E_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000262886Member_zZ0hC59AZ4Ok" style="font: 10pt Times New Roman, Times, Serif; width: 47%; text-align: right">474</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> </table> 145 474 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet been launched. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2 times (200%) the daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 30% and 45% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transaction, which is a transaction under which the purchaser (i.e., the Fund) acquires a security and the seller agrees, at the time of the sale, to repurchase the security at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) equity or fixed income securities for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the daily performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the electric utility industry. Constellation Energy Corporation is a producer of emissions-free energy and an energy supplier to businesses, homes and public sector customers nationwide. Constellation Energy Corporation is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Constellation Energy Corporation pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-269826 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Constellation Energy Corporation may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Constellation Energy Corporation. The common stock of Constellation Energy Corporation (CEG) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Constellation Energy Corporation pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Constellation Energy Corporation may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the electric utility industry. Companies in the electric utility industry are subject to many risks that can negatively impact their revenue and viability including, but are not limited to supply and demand, operating costs, government regulation, environmental factors, liabilities for environmental damage and general civil liabilities, and rate caps or rate changes. Although rate changes of a regulated utility usually fluctuate in approximate correlation with financing costs, due to political and regulatory factors rate changes ordinarily occur only following a delay after the changes in financing costs. This factor will tend to favorably affect a regulated utility company’s earnings and dividends in times of decreasing costs, but conversely, will tend to adversely affect earnings and dividends when costs are rising. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. The value of regulated utility equity securities may tend to have an inverse relationship to the movement of interest rates. Certain utility companies have experienced full or partial deregulation in recent years. These utility companies are frequently more similar to industrial companies in that they are subject to greater competition and have been permitted by regulators to diversify outside of their original geographic regions and their traditional lines of business. These opportunities may permit certain utility companies to earn more than their traditional regulated rates of return. Some companies, however, may be forced to defend their core business and may be less profitable. In addition, natural disasters, terrorist attacks, government intervention or other factors may render a utility company’s equipment unusable or obsolete and negatively impact profitability. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zKxGCyTgbEya" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the leveraged daily returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 45%; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 20%; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-180%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-160%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-140%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-120%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-50%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-100%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate from January 19, 2022 (Underlying Stock’s spin-off from Exelon) to August 31, 2026, was 49.69%. During the period observed the Underlying Stock’s highest volatility rate over a 12-month period was 71.17% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the period considered was 51.45%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from -200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily leverage performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_znbUjbXKOCRg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zHzUcJXGiF4f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions. The Fund may be required to deviate from its investment objective as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” and “Leverage Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_90E_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000094384Member_zXzmRUoEs5u9">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Coinbase Global, Inc. Class A (NASDAQ: COIN). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A8D_eoef--AnnualFundOperatingExpensesTableTextBlock_zyfHUzZTdT92"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_z7pIKaEymmE4" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none; text-align: left">Management Fee</td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_490_20261028__20261028__oef--ClassAxis__custom--C000236102Member_zlnlHKz8PLsa" style="display: none; text-align: right">0.99</td><td style="display: none; text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: left; font-weight: normal; font-style: normal">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dp_zxC29sxiQ4za" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">0.99</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--DistributionAndService12b1FeesOverAssets_dp_zDdOPWuBUTxi" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_409_eoef--OtherExpensesOverAssets_dp_zfd19xFU9AYc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.06</td><td style="text-align: left">%</td></tr> <tr id="xdx_409_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zPDgu9dx3tnk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_iT_dp_zp2SHUhogTd6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.08</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--FeeWaiverOrReimbursementOverAssets_dp_z36DNFkRed0l" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements/Fees Paid Indirectly (4), (5)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-0.02</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40F_eoef--NetExpensesOverAssets_iT_dp_zsIsqlpXeXC3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4), (5)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.06</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are based on actual amounts incurred during the Fund’s fiscal period ended June 30, 2026 which includes Interest Expense of 0.02% related to margin posted by the swap counterparties.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s fiscal year ending June 30, 2027.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.15%. This agreement is effective until December 31, 2027 and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_F08_zYVcsVNzccg7" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(5)</td> <td id="xdx_F1E_z36uenu2jFO1" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The Funds’ have a fee arrangement with its custodian which provides for custody fees to be reduced by Create/Redeem credits received by the custodian from Authorized Participants.</td></tr> </table> 0.0099 0.0000 0.0006 0.0003 0.0108 -0.0002 0.0106 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8C_eoef--ExpenseExampleWithRedemptionTableTextBlock_z45WWBwrG1e2"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zwx9LQ7OjIk4" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">5 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">10 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000236102Member_zrwiHivvHe79" style="width: 21%; text-align: right">108</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000236102Member_ztRB7GNmNnHd" style="width: 21%; text-align: right">341</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eoef--ExpenseExampleYear05_c20261028__20261028__oef--ClassAxis__custom--C000236102Member_zvXFUi46KRpf" style="width: 22%; text-align: right">593</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_989_eoef--ExpenseExampleYear10_c20261028__20261028__oef--ClassAxis__custom--C000236102Member_z2cQIhA6iqk1" style="width: 22%; text-align: right">1,314</td><td style="width: 1%; text-align: left"> </td></tr> </table> 108 341 593 1314 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2 times (200%) the daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and Flexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the daily performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the financial services industry. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Coinbase Global, Inc. The common stock of Coinbase Global, Inc. (COIN) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Coinbase Global, Inc. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Coinbase Global, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by the value of crypto assets, the volume of transactions on its platform, the overall development and growth of crypto assets, cyberattacks and security breaches affecting its platforms or third-party service providers, increased crypto platform competition and government regulations affecting the crypto industry. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zxCTdW05YgD8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the leveraged daily returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 47%; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 18%; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-180%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-160%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-140%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-120%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-50%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-100%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 87.73%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 121.07% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was -6.69%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--DigitalAssetAndFinanceServicesCompanyRiskMember_zzIteByx53Nf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Digital Asset and Finance Services Company Risk: The performance of the Underlying Stock, and subsequently the Fund’s performance, is subject to the risks of the digital asset and finance company sectors. Such companies may be adversely impacted by government regulations, economic conditions and deterioration in credit markets. These companies typically face intense competition and could be negatively affected by new entrants into the market, especially those located in markets with lower production costs. Competitors in the digital payments space include financial institutions and well-established payment processing companies. In addition, many companies engaged in these businesses store sensitive consumer information and could be the target of cybersecurity attacks and other types of theft, which could have a negative impact on these companies. Online digital asset trading platforms currently operate under less regulatory scrutiny than traditional financial services companies and banks, but there is a significant risk that regulatory oversight could increase in the future. Higher levels of regulation could increase costs and adversely impact the current business models of some digital asset-related companies and could severely impact the viability of these companies. These companies could be negatively impacted by disruptions in service caused by hardware or software failure, or by interruptions or delays in service by third-party data center hosting facilities and maintenance providers. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objective as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” and “Leverage Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: The following performance information indicates some of the risks of investing in the Fund. The bar chart shows the Fund’s performance from year to year. The table illustrates how the Fund’s average annual returns for the 1-year and since inception periods compared with those of a broad measure of market performance. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_906_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000076356Member_zXWNrK5xOfOl">The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Updated performance information is also available on the Fund’s website at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_900_eoef--PerformanceAvailabilityWebSiteAddress_c20261028__20261028__dei--LegalEntityAxis__custom--S000076356Member_zNrXCglXHrNc">www.graniteshares.com or by calling the Fund toll free at 844-476-8747. <img alt="" src="form485bpos_005.jpg"/> During the periods shown in the bar chart above, the Fund’s highest quarterly return was <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_90F_eoef--BarChartHighestQuarterlyReturn_pid_dp_c20261028__20261028__dei--LegalEntityAxis__custom--S000076356Member_zX0s0p1EeID3">233.21% (quarter ended June 30, 2025) and the Fund’s lowest quarterly return was <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_904_eoef--BarChartLowestQuarterlyReturn_pid_dp_c20261028__20261028__dei--LegalEntityAxis__custom--S000076356Member_zEVaYOO6Z5ni">-60.88% (quarter ended December 31, 2025). The calendar year-to-date total return of the Fund as of September 30, 2026, was -60.85%. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. www.graniteshares.com 844-476-8747 highest quarterly return 2.3321 2025-06-30 lowest quarterly return -0.6088 2025-12-31 year-to-date total return 2026-09-30 -0.6085 Average Annual Total Returns for the Periods Ended December 31, 2025 <div id="xdx_A84_eoef--PerformanceTableTextBlock_zTExMvPFsxDl"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zCxMIJCEGlp2" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Since Inception (8/8/2022)</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left; padding-bottom: 1pt">Return Before Taxes</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td id="xdx_989_eoef--AvgAnnlRtrPct_pid_dp_c20250101__20251231__dei--LegalEntityAxis__custom--S000076356Member_zqNv099ostth" style="border-bottom: Black 1pt solid; width: 16%; text-align: right">-58.46</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">%</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td id="xdx_98D_eoef--AvgAnnlRtrPct_pid_dp_c20220808__20220808__dei--LegalEntityAxis__custom--S000076356Member_ze1ilAKUXTMl" style="border-bottom: Black 1pt solid; width: 16%; text-align: right">-14.47</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Return After Taxes on Distributions</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_984_eoef--AvgAnnlRtrPct_pid_dp_c20250101__20251231__dei--LegalEntityAxis__custom--S000076356Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z0kFoE8yH3U8" style="border-bottom: Black 1pt solid; text-align: right">-58.46</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_986_eoef--AvgAnnlRtrPct_pid_dp_c20220808__20220808__dei--LegalEntityAxis__custom--S000076356Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zJNfQ1cdG41f" style="border-bottom: Black 1pt solid; text-align: right">-14.49</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; text-align: left; padding-bottom: 1pt">Return After Taxes on Distributions and Sale of Fund Shares</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_eoef--AvgAnnlRtrPct_pid_dp_c20250101__20251231__dei--LegalEntityAxis__custom--S000076356Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zMM8MXUz5dKk" style="border-bottom: Black 1pt solid; text-align: right">-34.61</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_eoef--AvgAnnlRtrPct_pid_dp_c20220808__20220808__dei--LegalEntityAxis__custom--S000076356Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zIn3dMatxQrb" style="border-bottom: Black 1pt solid; text-align: right">-10.49</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">S&P 500 (no fees, expenses or taxes applied)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eoef--AvgAnnlRtrPct_pid_dp_c20250101__20251231__dei--LegalEntityAxis__custom--S000076356Member__oef--PerformanceMeasureAxis__custom--SAndP500Member_ztrRLf7oxnxc" style="border-bottom: Black 1pt solid; text-align: right">17.88</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_984_eoef--AvgAnnlRtrPct_pid_dp_c20220808__20220808__dei--LegalEntityAxis__custom--S000076356Member__oef--PerformanceMeasureAxis__custom--SAndP500Member_z24GNAiFa1s9" style="border-bottom: Black 1pt solid; text-align: right">17.68</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> </table> 2022-08-08 -0.5846 -0.1447 -0.5846 -0.1449 -0.3461 -0.1049 0.1788 0.1768 Investment Objective The Fund seeks daily investment results, before fees and expenses, of -2 times (-200%) the daily percentage change of the common stock of Coinbase Global, Inc. Class A (NASDAQ: COIN). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A88_eoef--AnnualFundOperatingExpensesTableTextBlock_z7b23Ijnw8Pj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_z2jaHTVfhmb9" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_494_20261028__20261028__oef--ClassAxis__custom--C000243809Member_zZ40zfEkShpi" style="text-align: right">0.99</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: left; font-weight: bold">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_zUqqDYC9FItb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">0.99</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_zANee3OWVtYb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp_zUKCL3mb0FFb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.89</td><td style="text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zKFVVJhFhtKi" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_iT_dp_zczasVxap7tl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.91</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dp_zg7T8RC3gtC1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements/Fees Paid Indirectly (4), (5)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-0.20</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_iT_dp_ze5z7exhdzv2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4), (5)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.71</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are based on actual amounts incurred during the Fund’s fiscal period ended June 30, 2026 which includes Interest Expense of 0.58% related to margin posted by the swap counterparties.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s fiscal year ending June 30, 2027.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.15%. This agreement is effective until December 31, 2027 and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_F04_zjRg9RqiDiSl" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(5)</td> <td id="xdx_F17_zMJmtHUHCZv1" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The Funds’ have a fee arrangement with its custodian which provides for custody fees to be reduced by Create/Redeem credits received by the custodian from Authorized Participants.</td></tr> </table> 0.0099 0.0000 0.0089 0.0003 0.0191 -0.0020 0.0171 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A81_eoef--ExpenseExampleWithRedemptionTableTextBlock_zw4PQK21TAxj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_z4jkVB3K645e" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 90%; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">5 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">10 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_983_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000243809Member_zUBzUI7RHl1e" style="width: 21%; text-align: right">174</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000243809Member_zzJYjpEG0Pel" style="width: 21%; text-align: right">580</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98D_eoef--ExpenseExampleYear05_c20261028__20261028__oef--ClassAxis__custom--C000243809Member_zOFuv4Lb6OF1" style="width: 22%; text-align: right">1,012</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eoef--ExpenseExampleYear10_c20261028__20261028__oef--ClassAxis__custom--C000243809Member_zFLSU4ZoBald" style="width: 22%; text-align: right">2,213</td><td style="width: 1%; text-align: left"> </td></tr> </table> 174 580 1012 2213 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2x the inverse (-200%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately -200% of the Fund’s net asset value. The Fund aims to generate the inverse daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the inverse performance of the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money put option contracts, or simultaneously buy an at-the-money put option contract and sell an at-the-money call option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each put option contract bought and receive the premium for each call option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the put and sells the call option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the inverse performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the financial services industry. Coinbase Global, Inc. is a financial technology company that provides end-to-end financial infrastructure and technology for the crypto economy. COIN is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by COIN pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-40289 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding COIN may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance decreases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Coinbase Global, Inc. The common stock of Coinbase Global, Inc. (COIN) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Coinbase Global, Inc. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Coinbase Global, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and subsequently the Fund’s performance, is subject to the risks of the digital asset and finance company sectors. The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by the value of crypto assets, the volume of transactions on its platform, the overall development and growth of crypto assets, cyberattacks and security breaches affecting its platforms or third-party service providers, increased crypto platform competition and government regulations affecting the crypto industry. Higher levels of regulation could increase costs and adversely impact the current business models of the Underlying Stock and could severely impact its viability. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_z52AXoXtzBTk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the daily inverse returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate inverse daily returns. For a Fund aiming to replicate the inverse performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 17.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Inverse Fund would be expected to lose 95.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Inverse Fund can be expected to return less than -200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of the Underlying Stock. The Inverse Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-200% of One Year Performance of the Underlying Stock </td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">10%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">25%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">50%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">75%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">100%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%; text-align: center">-95%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: center">190%</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0C5; text-align: center">36110.9%</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0C5; text-align: center">31935.5%</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0C5; text-align: center">18570.8%</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0C5; text-align: center">7461.0%</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0C5; text-align: center">2021.9%</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0C5; text-align: center">292.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #DA8D86; text-align: center">-53.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">180%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">9182.7%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">7895.4%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">4554.8%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">1756.7%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">406.8%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-8.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-89.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">160%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">2261.3%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">1930.1%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">1074.3%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">367.1%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">23.9%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-78.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">140%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">962.0%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">810.9%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">421.8%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">108.1%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-45.0%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-90.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-99.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">120%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">500.9%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">415.3%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">196.2%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">15.3%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-69.1%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-94.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-99.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">100%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">286.3%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">230.5%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">89.7%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-25.6%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-80.5%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-96.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-99.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">80%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">168.8%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">130.4%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">31.6%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-48.3%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-86.9%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-97.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-99.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">60%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">98.0%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">69.3%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-3.3%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-62.4%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-90.3%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-98.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-99.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">40%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">51.6%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">29.8%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-26.1%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-71.8%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-92.6%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-98.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">20%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">19.8%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">2.4%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-41.6%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-77.5%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-94.2%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-99.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-2.9%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-17.0%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-52.7%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-81.8%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-95.3%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-99.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-20%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-19.8%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-31.4%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-61.2%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-84.9%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-96.2%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-99.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-40%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-32.6%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-42.4%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-67.4%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-87.5%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-96.7%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-99.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-60%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-42.6%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-51.0%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-72.2%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-89.4%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-97.3%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-99.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-80%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-50.6%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-57.7%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-76.1%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-90.7%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-97.7%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-99.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8D86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-100%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-56.9%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-63.3%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-79.2%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-92.0%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-97.9%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-120%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-62.2%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-67.7%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-81.9%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-93.1%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-98.2%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-140%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-66.5%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-71.4%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-83.9%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-93.8%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-98.5%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-160%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-70.2%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-74.6%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-85.6%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-94.4%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-98.6%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-180%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-73.3%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-77.2%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-87.2%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-95.2%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-98.7%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-200%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-74.6%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-78.3%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-87.7%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-95.4%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-98.9%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0C5; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 87.73%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 121.07% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was -6.69%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from -200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect -200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Short Sale Exposure Risk: The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock increases more than 50%. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsRiskMember_zggUPeOLNUlj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zmsKgu8u8S8h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_z0nLw1Eo1tE8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate the inverse daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: The following performance information indicates some of the risks of investing in the Fund. The bar chart shows the Fund’s performance from year to year. The table illustrates how the Fund’s average annual returns for the 1-year and since inception periods compared with those of a broad measure of market performance. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_90A_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000081138Member_zSEVrZS1BMCc">The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Updated performance information is also available on the Fund’s website at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_90E_eoef--PerformanceAvailabilityWebSiteAddress_c20261028__20261028__dei--LegalEntityAxis__custom--S000081138Member_zo4leH5mKvtf">www.graniteshares.com or by calling the Fund toll free at 844-476-8747. <img alt="" src="form485bpos_006.jpg"/> During the periods shown in the bar chart above, the Fund’s highest quarterly return was <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_908_eoef--BarChartHighestQuarterlyReturn_pid_dp_c20261028__20261028__dei--LegalEntityAxis__custom--S000081138Member_zK4lkC2Qqc02">65.68% (quarter ended December 31, 2025) and the Fund’s lowest quarterly return was <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_907_eoef--BarChartLowestQuarterlyReturn_pid_dp_c20261028__20261028__dei--LegalEntityAxis__custom--S000081138Member_zR14CBxb8W24">-83.95% (quarter ended June 30, 2025). The calendar year-to-date total return of the Fund as of September 30, 2026, was -64.53%. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. www.graniteshares.com 844-476-8747 highest quarterly return 0.6568 2025-12-31 lowest quarterly return -0.8395 2025-06-30 year-to-date total return 2026-09-30 -0.6453 Average Annual Total Returns for the Periods Ended December 31, 2025 <div id="xdx_A84_eoef--PerformanceTableTextBlock_zz9YMQviG0xb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zDv088FoSH64" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Since Inception (9/3/2024)</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left; padding-bottom: 1pt">Return Before Taxes</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td id="xdx_98C_eoef--AvgAnnlRtrPct_pid_dp_c20250701__20260630__dei--LegalEntityAxis__custom--S000081138Member_zxgVnnnScUT6" style="border-bottom: Black 1pt solid; width: 16%; text-align: right">-70.87</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">%</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td id="xdx_984_eoef--AvgAnnlRtrPct_pid_dp_c20240903__20240903__dei--LegalEntityAxis__custom--S000081138Member_zsPO0XG7uHwf" style="border-bottom: Black 1pt solid; width: 16%; text-align: right">-77.34</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Return After Taxes on Distributions</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98F_eoef--AvgAnnlRtrPct_pid_dp_c20250701__20260630__dei--LegalEntityAxis__custom--S000081138Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zSmgwM7qNbU8" style="border-bottom: Black 1pt solid; text-align: right">-70.98</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_987_eoef--AvgAnnlRtrPct_pid_dp_c20240903__20240903__dei--LegalEntityAxis__custom--S000081138Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zM4HnnyeWnl6" style="border-bottom: Black 1pt solid; text-align: right">-77.51</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; text-align: left; padding-bottom: 1pt">Return After Taxes on Distributions and Sale of Fund Shares</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_989_eoef--AvgAnnlRtrPct_pid_dp_c20250701__20260630__dei--LegalEntityAxis__custom--S000081138Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zS6RWFen1sp4" style="border-bottom: Black 1pt solid; text-align: right">-41.96</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_986_eoef--AvgAnnlRtrPct_pid_dp_c20240903__20240903__dei--LegalEntityAxis__custom--S000081138Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zcxQtQQRyr6l" style="border-bottom: Black 1pt solid; text-align: right">-55.23</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">S&P 500 (no fees and expenses, or taxes applied)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_985_eoef--AvgAnnlRtrPct_pid_dp_c20250701__20260630__dei--LegalEntityAxis__custom--S000081138Member__oef--PerformanceMeasureAxis__custom--SAndP500Member_zdPqXxy0ev3k" style="border-bottom: Black 1pt solid; text-align: right">17.88</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98D_eoef--AvgAnnlRtrPct_pid_dp_c20240903__20240903__dei--LegalEntityAxis__custom--S000081138Member__oef--PerformanceMeasureAxis__custom--SAndP500Member_zdtllH70eKT3" style="border-bottom: Black 1pt solid; text-align: right">19.00</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> </table> 2024-09-03 -0.7087 -0.7734 -0.7098 -0.7751 -0.4196 -0.5523 0.1788 0.1900 Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Costco Wholesale Corporation (Nasdaq: COST). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A8A_eoef--AnnualFundOperatingExpensesTableTextBlock_zfDwJfWkGIV3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_z9AFysfKcRB9" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_497_20261028__20261028__oef--ClassAxis__custom--C000262887Member_z76Aednj2lLg" style="text-align: right">1.30</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_zlweQYs9x32k" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_zkVbq1PhSiU1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp_z0zNYUgZyYx" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.06</td><td style="text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zYaiw8TcRBnj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_iT_dp_zKvYuB8YDIX" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dp_zoS6EXkobbYl" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements (4)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_iT_dp_zI6VVIRXieKf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0130 0.0000 0.0006 0.0003 0.0139 0.0139 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A82_eoef--ExpenseExampleWithRedemptionTableTextBlock_zgZd7Yt4DZrg"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zCF8Q907QN22" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000262887Member_zBm3F6rOMRAh" style="width: 47%; text-align: right">145</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000262887Member_zESbLS2kruhc" style="width: 47%; text-align: right">474</td><td style="width: 1%; text-align: left"> </td></tr> </table> 145 474 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet been launched. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2 times (200%) the daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 30% and 45% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transaction, which is a transaction under which the purchaser (i.e., the Fund) acquires a security and the seller agrees, at the time of the sale, to repurchase the security at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) equity or fixed income securities for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the daily performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the consumer staples industry. Costco Wholesale Corporation operates membership warehouses and e-commerce sites that offer a selection of nationally branded and private-label products in a wide range of categories. The Company buys the majority of its merchandise directly from suppliers and route it to cross-docking consolidation points (depots) or directly to its warehouses. Costco Wholesale Corporation is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Costco Wholesale Corporation pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-276624 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Costco Wholesale Corporation may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Costco Wholesale Corporation. The common stock of Costco Wholesale Corporation (COST) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Costco Wholesale Corporation pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Costco Wholesale Corporation may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the consumer staples industry. The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including but are not limited to government regulation affecting its products which may negatively impact such companies’ performance. For instance, government regulations may affect the permissibility of using various food additives and production methods of companies that make food products, which could affect company profitability. Tobacco companies may be adversely affected by the adoption of proposed legislation and/or by litigation. Also, the success of food, beverage, household and personal product companies may be strongly affected by consumer interest, marketing campaigns and other factors affecting supply and demand, including performance of the overall domestic and global economy, interest rates, competition and consumer confidence and spending. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zkdd5SlyZaJg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the leveraged daily returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 45%; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 20%; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-180%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-160%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-140%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-120%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-50%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-100%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 23.36%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 32.78% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 16.89%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from -200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily leverage performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zyExwjhOlq4c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zlO7DvJf2qMh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions. The Fund may be required to deviate from its investment objective as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” and “Leverage Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of CrowdStrike Holdings Inc (NASDAQ: CRWD). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A80_eoef--AnnualFundOperatingExpensesTableTextBlock_zrLwA9FqG0kk"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zQDhnvswU855" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_491_20261028__20261028__oef--ClassAxis__custom--C000254514Member_zpW1gpTo79y3" style="text-align: right">1.30</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: left; font-weight: bold">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_z1wWKs5Utd3e" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_zTnmV4h67lcg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp_z97WwbxsrnUi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.36</td><td style="text-align: left">%</td></tr> <tr id="xdx_406_ecustom--RecoupmentOfPreviouslyWaivedExpenses_dpn_zjozFUSda3c1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Recoupment of previously waived expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.04</td><td style="text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zBGK1U6mY624" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_iT_dp_zvedEPq09qHl" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.73</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dp_ziIzwqREknR2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements/Fees Paid Indirectly (4), (5)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-0.06</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_iT_dp_zbfYEJPmHBc2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4), (5)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.67</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are based on actual amounts incurred during the Fund’s fiscal period ended June 30, 2026 which includes Interest Expense of 0.23% related to margin posted by the swap counterparties.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td id="xdx_F1F_zeqJtIoywIej" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s fiscal year ending June 30, 2027.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_F03_zhhqeh9CuFeb" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(5)</td> <td id="xdx_F17_z7NUvwXXeSvb" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The Funds’ have a fee arrangement with its custodian which provides for custody fees to be reduced by Create/Redeem credits received by the custodian from Authorized Participants.</td></tr> </table> 0.0130 0.0000 0.0036 0.0004 0.0003 0.0173 -0.0006 0.0167 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A82_eoef--ExpenseExampleWithRedemptionTableTextBlock_ztKJUpT5sq26"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zJrc7Wa352E6" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">5 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">10 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000254514Member_zGx9jnFPQ31h" style="width: 21%; text-align: right">170</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000254514Member_zZ4Tzsq7MEmc" style="width: 21%; text-align: right">539</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_981_eoef--ExpenseExampleYear05_c20261028__20261028__oef--ClassAxis__custom--C000254514Member_zzsfb5ZoU245" style="width: 22%; text-align: right">932</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eoef--ExpenseExampleYear10_c20261028__20261028__oef--ClassAxis__custom--C000254514Member_zIkMnrvpkm57" style="width: 22%; text-align: right">2,033</td><td style="width: 1%; text-align: left"> </td></tr> </table> 170 539 932 2033 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio, since the Fund invested only in instruments that are excluded from portfolio turnover rate calculations. However, if the Fund’s use of derivatives were reflected, the Fund’s portfolio turnover rate would be higher. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2 times (200%) the daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate the inverse daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sell the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the daily performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the software and information technology industry. CrowdStrike Holdings Inc is a cybersecurity company that provides cloud-delivered protection. CrowdStrike’s common stocks are registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by CrowdStrike pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-38933 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding CrowdStrike Holdings Inc may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of CrowdStrike Holdings Inc. The common stock of CrowdStrike Holdings Inc (CRWD) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by CrowdStrike Holdings Inc pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding CrowdStrike Holdings Inc may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the software and information technology industry. The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by global markets and demand for its products and services, its ability to develop new products and services, inventory levels, supply chain issues, the performance of third-party software developers, system and network failures, privacy and cybersecurity breaches and changes in international and government regulations. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology industry may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel. <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zcDqSDwuIpPj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the leveraged daily returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Inverse Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Inverse Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Inverse Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">25%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">50%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">75%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 38%; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 20%; text-align: center">-190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-180%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-160%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-140%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-120%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-50%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-100%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">190%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 52.85%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 67.44% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 27.90%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” and “Leverage Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: Performance: The following performance information indicates some of the risks of investing in the Fund. The bar chart shows the Fund’s performance from year to year. The table illustrates how the Fund’s average annual returns for the 1-year and since inception periods compared with those of a broad measure of market performance. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Updated performance information is also available on the Fund’s website at www.graniteshares.com or by calling the Fund toll free at 844-476-8747. <img alt="" src="form485bpos_007.jpg"/> During the periods shown in the bar chart above, the Fund’s highest quarterly return was 87.17% (quarter ended June 30, 2025) and the Fund’s lowest quarterly return was -15.30% (quarter ended December 31, 2025). The calendar year-to-date total return of the Fund as of September 30, 2026, was 240.04%. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future www.graniteshares.com 844-476-8747 highest quarterly return 0.8717 2025-06-30 lowest quarterly return -0.1530 2025-12-31 year-to-date total return 2026-09-30 2.4004 Average Annual Total Returns for the Periods Ended December 31, 2025 <div id="xdx_A84_eoef--PerformanceTableTextBlock_zZhHGgsPiHu9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zgG9U6um15H9" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Since Inception (11/11/2024)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; width: 60%; text-align: left; padding-bottom: 1pt">Return Before Taxes</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td id="xdx_98C_eoef--AvgAnnlRtrPct_pid_dp_c20250101__20251231__dei--LegalEntityAxis__custom--S000088316Member_zZThcTMLbLV6" style="border-bottom: Black 1pt solid; width: 16%; text-align: right">30.05</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">%</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td id="xdx_981_eoef--AvgAnnlRtrPct_pid_dp_c20241111__20241111__dei--LegalEntityAxis__custom--S000088316Member_zYC9W1ootmDi" style="border-bottom: Black 1pt solid; width: 16%; text-align: right">20.04</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-decoration: underline; text-align: left; padding-bottom: 1pt">Return After Taxes on Distributions</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_eoef--AvgAnnlRtrPct_pid_dp_c20250101__20251231__dei--LegalEntityAxis__custom--S000088316Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zOe2Vjch6fB6" style="border-bottom: Black 1pt solid; text-align: right">30.05</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_eoef--AvgAnnlRtrPct_pid_dp_c20241111__20241111__dei--LegalEntityAxis__custom--S000088316Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z4eX9st3m76i" style="border-bottom: Black 1pt solid; text-align: right">20.04</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; text-align: left; padding-bottom: 1pt">Return After Taxes on Distributions and Sale of Fund Shares</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_982_eoef--AvgAnnlRtrPct_pid_dp_c20250101__20251231__dei--LegalEntityAxis__custom--S000088316Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zLtUgTEAqfZ8" style="border-bottom: Black 1pt solid; text-align: right">17.79</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_986_eoef--AvgAnnlRtrPct_pid_dp_c20241111__20241111__dei--LegalEntityAxis__custom--S000088316Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zH6cTbtqUXZ4" style="border-bottom: Black 1pt solid; text-align: right">15.31</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-decoration: underline; text-align: left; padding-bottom: 1pt">S&P 500 Total Return Index (reflects no deduction for fees, expenses or taxes)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_983_eoef--AvgAnnlRtrPct_pid_dp_c20250101__20251231__dei--LegalEntityAxis__custom--S000088316Member__oef--PerformanceMeasureAxis__custom--SAndP500TotalReturnIndexMember_znmvWALsJx6d" style="border-bottom: Black 1pt solid; text-align: right">17.88</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_987_eoef--AvgAnnlRtrPct_pid_dp_c20241111__20241111__dei--LegalEntityAxis__custom--S000088316Member__oef--PerformanceMeasureAxis__custom--SAndP500TotalReturnIndexMember_zFKvGgaxtbzi" style="border-bottom: Black 1pt solid; text-align: right">13.75</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> </table> 2024-11-11 0.3005 0.2004 0.3005 0.2004 0.1779 0.1531 0.1788 0.1375 Investment Objective The Fund seeks daily investment results, before fees and expenses, of -2 times (-200%) the daily percentage change of the common stock of CrowdStrike Holdings Inc (NASDAQ: CRWD). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A87_eoef--AnnualFundOperatingExpensesTableTextBlock_zQfCWXcjB1Nh"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zWsVUdq4SoU7" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_49E_20261028__20261028__oef--ClassAxis__custom--C000254498Member_zfkDpVmkZHok" style="text-align: right">1.30</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: left; font-weight: bold">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_zSsuNqTkQeHd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_zxQOgoTmB3G7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp_zoHMo75yWJld" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.06</td><td style="text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zy9Pzrzk9cM1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_iT_dp_zRpjrr2dRCUh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dp_zgOaq231yS02" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements (4)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_iT_dp_z3laHRitDXva" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0130 0.0000 0.0006 0.0003 0.0139 0.0139 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_z6O6OkNFI9c9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zk9lbFL8PZMe" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000254498Member_zx9xZKYh0x6e" style="width: 47%; text-align: right">145</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000254498Member_zfWxEcGf7owd" style="width: 47%; text-align: right">474</td><td style="width: 1%; text-align: left"> </td></tr> </table> 145 474 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet been launched. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2x the inverse (-200%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately -200% of the Fund’s net asset value. The Fund aims to generate the inverse daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money put option contracts, or simultaneously buy an at-the-money put option contract and sell an at-the-money call option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each put option contract bought and receive the premium for each call option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the put and sells the call option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the inverse performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the software and information technology industry. CrowdStrike Holdings Inc is a cybersecurity company that provides cloud-delivered protection. CrowdStrike’s common stocks are registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by CrowdStrike pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-38933 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding CrowdStrike Holdings Inc may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance decreases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of CrowdStrike Holdings Inc. The common stock of CrowdStrike Holdings Inc (CRWD) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by CrowdStrike Holdings Inc pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding CrowdStrike Holdings Inc may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the software and information technology industry. The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by global markets and demand for its products and services, its ability to develop new products and services, inventory levels, supply chain issues, the performance of third-party software developers, system and network failures, privacy and cybersecurity breaches and changes in international and government regulations. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology industry may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_z9u297p7U5ef" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the daily inverse returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate inverse daily returns. For a Fund aiming to replicate the inverse performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 17.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Inverse Fund would be expected to lose 95.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Inverse Fund can be expected to return less than -200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of the Underlying Stock. The Inverse Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; text-align: center">-200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">25%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">75%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 38%; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 20%; text-align: center">190%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">36110.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">31935.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">18570.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">7461.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">2021.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">292.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #DA8E86; text-align: center">-53.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">9182.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">7895.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">4554.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">1756.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">406.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-8.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-89.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">2261.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">1930.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">1074.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">367.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">23.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-78.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">962.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">810.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">421.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">108.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-45.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-99.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">500.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">415.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">196.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">15.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-94.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-99.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">286.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">230.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">89.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-25.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-80.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-96.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-99.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">168.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">130.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">31.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-48.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-97.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-99.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">98.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">69.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-3.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-62.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-98.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-99.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">51.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">29.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-26.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-71.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-98.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">2.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-41.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-77.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-94.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-99.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-2.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-17.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-52.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-81.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-95.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-99.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-31.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-61.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-84.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-96.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-99.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-32.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-42.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-67.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-96.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-99.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-42.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-51.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-72.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-89.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-97.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-99.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-50.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-57.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-76.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-97.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-99.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-56.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-92.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-97.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-62.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-67.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-81.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-93.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-66.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-71.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-83.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-93.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-70.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-74.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-85.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-94.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-73.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-77.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-87.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-95.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-200%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-74.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-78.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-87.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-95.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 52.85%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 67.44% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 27.90%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from -200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect -200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Short Sale Exposure Risk: The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock increases more than 50%. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate -2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_903_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000088300Member_zR1VqYTE5744">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of CoreWeave, Inc. (Nasdaq: CRWV). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A89_eoef--AnnualFundOperatingExpensesTableTextBlock_zNMD4yCjdzed"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zSg3de8PtALb" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_499_20261028__20261028__oef--ClassAxis__custom--C000262888Member_zG9G5ccZaNjd" style="text-align: right">1.30</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: left; font-weight: bold">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_403_eoef--ManagementFeesOverAssets_dp_zicxw37QZE1g" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_zaSEGJfarOBc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp_zi6hXPooym5i" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.06</td><td style="text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_z8yOpzwUU3b3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_iT_dp_zNH16KaNKdhf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dp_z2I3Heaz7gKg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements (4)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_409_eoef--NetExpensesOverAssets_iT_dp_zlk47IYmEiA6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0130 0.0000 0.0006 0.0003 0.0139 0.0139 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8D_eoef--ExpenseExampleWithRedemptionTableTextBlock_zv7z9otNOMX1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zvsfWHfFoAc7" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000262888Member_zQjWEzukk4sj" style="width: 47%; text-align: right">145</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000262888Member_zzllchxrTDv4" style="width: 47%; text-align: right">474</td><td style="width: 1%; text-align: left"> </td></tr> </table> 145 474 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet been launched. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2 times (200%) the daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 30% and 45% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transaction, which is a transaction under which the purchaser (i.e., the Fund) acquires a security and the seller agrees, at the time of the sale, to repurchase the security at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) equity or fixed income securities for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the daily performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the computer software industry. CoreWeave, Inc. is a cloud infrastructure technology company. The Company offers the CoreWeave Cloud Platform, which consists of software and cloud services that deliver the automation and efficiency needed to manage complex artificial intelligence (AI) infrastructure. CoreWeave, Inc. is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by CoreWeave, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-286640 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding CoreWeave, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of CoreWeave, Inc. The common stock of CoreWeave, Inc. (CRWV) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by CoreWeave, Inc. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding CoreWeave, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the computer software industry. The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by competition in the microprocessor market, reliance on third-party manufacturers, the company’s ability to new develop new products, losses of significant customers, changes in customer demand for its products, risks associated with defective products political, legal and economic risks affecting the company’s global operations. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zegN4nDZOsqe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the leveraged daily returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 38%; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 20%; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-180%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-160%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-140%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-120%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-50%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-100%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate from March 27, 2025 (the Underlying Stock’s IPO date) to August 31, 2026, was 114.95%. During the period observed the Underlying Stock’s highest volatility rate over a 12-month period was 121.32% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the period considered was 69.24%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from -200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily leverage performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zbYxP3qCOhr4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zS0s4xwLqLDd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions. The Fund may be required to deviate from its investment objective as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” and “Leverage Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_901_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000094386Member_ze3HyzRQr3di">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Carvana Co. (NYSE: CVNA). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A83_eoef--AnnualFundOperatingExpensesTableTextBlock_zZYM0KYBZZml"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zoXW6gYQMPr7" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_497_20261028__20261028__oef--ClassAxis__custom--C000262889Member_zoIgKu0qvfOk" style="text-align: right">1.30</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: left; font-weight: bold">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_zFwHUZxamThf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_zTv18EGuZ5I5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp_zzDe8f7afzC3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.06</td><td style="text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_z8bmSfEIbEfe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_iT_dp_znzZw3qJBOne" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dp_zHCVwmpdgft5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements (4)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_iT_dp_zmDYgLO9JXF3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0130 0.0000 0.0006 0.0003 0.0139 0.0139 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A82_eoef--ExpenseExampleWithRedemptionTableTextBlock_z9JNZ140Eyw8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zmkC5Spv2Se" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000262889Member_zvlQ29ozNzd6" style="width: 47%; text-align: right">145</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_989_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000262889Member_z3YeReHQTAMl" style="width: 47%; text-align: right">474</td><td style="width: 1%; text-align: left"> </td></tr> </table> 145 474 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet been launched. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2 times (200%) the daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 30% and 45% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transaction, which is a transaction under which the purchaser (i.e., the Fund) acquires a security and the seller agrees, at the time of the sale, to repurchase the security at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) equity or fixed income securities for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the daily performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the automotive retail industry. Carvana Co. is a holding company. The Company operates an e-commerce platform for buying and selling used cars. On the Company’s platform, consumers can research and identify a vehicle, inspect it using its 360-degree vehicle imaging technology, obtain financing and warranty coverage, purchase the vehicle, and schedule delivery or pick-up, all from their desktop or mobile devices. Carvana Co. is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Carvana Co. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-264391 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Carvana Co. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Carvana Co. The common stock of Carvana Co. (CVNA) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Carvana Co. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Carvana Co. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the automotive retail industry. The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including but are not limited to high dependency on consumer demand, which can be influenced by various factors such as economic conditions, consumer confidence, fuel prices, and preferences for particular vehicle types. Economic downturns or decreases in consumer spending can lead to reduced vehicle sales, impacting the profitability of automotive retailers. Effective inventory management is essential to avoid excess holding costs, obsolescence, and missed sales opportunities. Additionally, the industry’s reliance on auto lending and financing means that changes in interest rates, lending standards, and credit availability can greatly influence consumer purchasing behavior. Regulatory compliance is another crucial aspect, as automotive retailers must adhere to various consumer protection, advertising, financing, and environmental standards, with non-compliance resulting in substantial fines, legal costs, and reputational damage. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zalqbeJFUn91" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the leveraged daily returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">200% of One Year</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif">One Year Performance of the Underlying Stock</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif">Performance of the Underlying Stock</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 38%; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 20%; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-180%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-160%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-140%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 113.70%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 187.54% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 2.14%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily leverage performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zdzWzeDW7nq7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_ztRFNdDmCgXe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions. The Fund may be required to deviate from its investment objective as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” and “Leverage Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_901_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000094387Member_z6bczsTMrYcl">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Dell Technologies Inc. (NYSE: DELL). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A86_eoef--AnnualFundOperatingExpensesTableTextBlock_zFSoMdYPkVTc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zXNSf5Al1N5h" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_49C_20261028__20261028__oef--ClassAxis__custom--C000254515Member_zpzc5x8yq4j4" style="text-align: right">1.30</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: left; font-weight: bold">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_zZjqmBvA5oZd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_zECvr2HBJf28" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp_zClulQeNiix2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.19</td><td style="text-align: left">%</td></tr> <tr id="xdx_406_ecustom--RecoupmentOfPreviouslyWaivedExpenses_dpn_zx4jyZWcl2j3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Recoupment of previously waived expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.03</td><td style="text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zYa8U6zV7WZ6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_iT_dp_zJlfpgXzdU0a" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.55</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dp_zQhQF64maMdk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements/Fees Paid Indirectly (4), (5)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_iT_dp_z2lQ06iqHUj1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4), (5)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.52</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are based on actual amounts incurred during the Fund’s fiscal period ended June 30, 2026.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s fiscal year ending June 30, 2027.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_F0A_zJnQLdfydBSi" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(5)</td> <td id="xdx_F1E_z5M9hWEjJ84d" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The Funds’ have a fee arrangement with its custodian which provides for custody fees to be reduced by Create/Redeem credits received by the custodian from Authorized Participants.</td></tr> </table> 0.0130 0.0000 0.0019 0.0003 0.0003 0.0155 -0.0003 0.0152 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_zB7B80jl6Nj1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zUr4krQaPo0c" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">5 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">10 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_983_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000254515Member_zYk7wRz8Ird5" style="width: 21%; text-align: right">155</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000254515Member_z26E5TGdNC4h" style="width: 21%; text-align: right">486</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_eoef--ExpenseExampleYear05_c20261028__20261028__oef--ClassAxis__custom--C000254515Member_znj7F5fj0pC4" style="width: 22%; text-align: right">841</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eoef--ExpenseExampleYear10_c20261028__20261028__oef--ClassAxis__custom--C000254515Member_zYY1Wi2IF742" style="width: 22%; text-align: right">1,841</td><td style="width: 1%; text-align: left"> </td></tr> </table> 155 486 841 1841 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio, since the Fund invested only in instruments that are excluded from portfolio turnover rate calculations. However, if the Fund’s use of derivatives were reflected, the Fund’s portfolio turnover rate would be higher. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2 times (200%) the daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the daily performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the software and information technology industry. Dell Technologies Inc. is engaged in designing, developing, manufacturing, marketing, selling, and supporting a wide range of comprehensive and integrated solutions, products, and services. DELL is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by DELL pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-37867 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding DELL may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Dell Technologies Inc. The common stock of Dell Technologies Inc. (DELL) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Dell Technologies Inc. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Dell Technologies Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the software and information technology industry. The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by global markets and demand for its products and services, its ability to develop new products and services, inventory levels, supply chain issues, the performance of third-party software developers, system and network failures, privacy and cybersecurity breaches and changes in international and government regulations. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology industry may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_znMpRGpDLJt1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the leveraged daily returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">25%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">50%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">75%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 38%; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 20%; text-align: center">-190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-180%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-160%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-140%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-120%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-50%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-100%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">190%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 53.67%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 73.35% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 59.29%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions. The Fund may be required to deviate from its investment objective as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” and “Leverage Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: The Fund has not yet completed a full calendar year as of the date of this prospectus and therefore does not have a performance history for a full calendar year. Once available, the Fund’s performance information will be accessible on the Fund’s website at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_90D_eoef--PerformanceAvailabilityWebSiteAddress_c20261028__20261028__dei--LegalEntityAxis__custom--S000088317Member_zlrEJnIBUZ9d">www.graniteshares.com and will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance and by showing how the Fund’s returns compare with those of a broad measure of market performance. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_90E_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000088317Member_ziuDtf1Uj555">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.graniteshares.com The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Investment Objective The Fund seeks daily investment results, before fees and expenses, of -2 times (-200%) the daily percentage change of the common stock of Dell Technologies Inc. (NYSE: DELL). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A85_eoef--AnnualFundOperatingExpensesTableTextBlock_zsH06rfYu7c"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zu7V8ipJIewk" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_494_20261028__20261028__oef--ClassAxis__custom--C000254499Member_zzwU8qomv4q1" style="text-align: right">1.30</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_z65edOQbIS76" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_zlRnFOI8D9a" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp_z8OzQjxSmgi9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.06</td><td style="text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_z7TvBAWfeex1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_iT_dp_z2ZUB1E5T7H7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dp_zp4dOiNOfwDd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements (4)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_iT_dp_zQUon5UPpCWb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0130 0.0000 0.0006 0.0003 0.0139 0.0139 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A80_eoef--ExpenseExampleWithRedemptionTableTextBlock_zX4CHFw8tFv"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zEcPTWKK1Hwd" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 60%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000254499Member_zPvMgy1zjrp3" style="width: 47%; text-align: right">145</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000254499Member_zkVIH8vFMj4e" style="width: 47%; text-align: right">474</td><td style="width: 1%; text-align: left"> </td></tr> </table> 145 474 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet been launched. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2x the inverse (-200%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately -200% of the Fund’s net asset value. The Fund aims to generate the inverse daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money put option contracts, or simultaneously buy an at-the-money put option contract and sell an at-the-money call option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each put option contract bought and receive the premium for each call option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the put and sell the call option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the inverse performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the software and information technology industry. Dell Technologies Inc. is engaged in designing, developing, manufacturing, marketing, selling, and supporting a wide range of comprehensive and integrated solutions, products, and services. DELL is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by DELL pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-37867 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding DELL may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance decreases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Dell Technologies Inc. The common stock of Dell Technologies Inc. (DELL) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Dell Technologies Inc. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Dell Technologies Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the software and information technology industry. The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by global markets and demand for its products and services, its ability to develop new products and services, inventory levels, supply chain issues, the performance of third-party software developers, system and network failures, privacy and cybersecurity breaches and changes in international and government regulations. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology industry may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zMcY8tbPc16d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the daily inverse returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate inverse daily returns. For a Fund aiming to replicate the inverse performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 17.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Inverse Fund would be expected to lose 95.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Inverse Fund can be expected to return less than -200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of the Underlying Stock. The Inverse Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; text-align: center">-200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">25%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">50%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">75%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 38%; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 20%; text-align: center">190%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">36110.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">31935.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">18570.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">7461.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">2021.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">292.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #DA8E86; text-align: center">-53.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">9182.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">7895.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">4554.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">1756.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">406.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-8.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-89.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">2261.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">1930.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">1074.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">367.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">23.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-78.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">962.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">810.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">421.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">108.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-45.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-99.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">500.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">415.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">196.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">15.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-94.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-99.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">286.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">230.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">89.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-25.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-80.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-96.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-99.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">168.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">130.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">31.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-48.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-97.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-99.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">98.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">69.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-3.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-62.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-98.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-99.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">51.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">29.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-26.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-71.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-98.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">2.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-41.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-77.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-99.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-2.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-17.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-52.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-81.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-95.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-99.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-31.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-61.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-84.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-96.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-99.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-32.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-42.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-67.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-96.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-99.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-42.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-51.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-72.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-89.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-97.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-99.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-50.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-57.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-76.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-97.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-99.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-56.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-79.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-92.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-97.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-62.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-67.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-81.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-93.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-66.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-71.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-83.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-93.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-70.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-74.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-85.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-94.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-73.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-77.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-87.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-95.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-200%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-74.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-78.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-87.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-95.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 53.67%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 73.35% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 59.29%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from -200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect -200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Short Sale Exposure Risk: The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock increases more than 50%. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate -2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_90F_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000088301Member_zK1aZLbZ3YBd">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) of the common stock of Walt Disney Co (NYSE: DIS). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A86_eoef--AnnualFundOperatingExpensesTableTextBlock_zKC9Sl5WxDNf"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zbIMvs15QXCf" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_490_20261028__20261028__oef--ClassAxis__custom--C000236103Member_zk13oJfx1pdl" style="text-align: right">0.99</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_zRpqjJQ0G53c" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">0.99</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_zM1ZGPbAC4il" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp_z6VO2HnOlHr9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.06</td><td style="text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zy50eZliHBVb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_iT_dp_zgTAs3dx1elg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.08</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dp_z2lO5Fb3n852" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements (4)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_iT_dp_zuajn5pdc7u7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.08</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.15%. This agreement is effective until December 31, 2027 and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0099 0.0000 0.0006 0.0003 0.0108 0.0108 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A82_eoef--ExpenseExampleWithRedemptionTableTextBlock_zRNRla1gCsai"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zflbgZlrMBAa" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000236103Member_zJsf5ph242ed" style="width: 47%; text-align: right">113</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000236103Member_z7Cb7iewtyA9" style="width: 47%; text-align: right">370</td><td style="width: 1%; text-align: left"> </td></tr> </table> 113 370 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet been launched. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2 times (200%) the daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the daily performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the amusement and recreation industry. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Walt Disney Co. The common stock of Walt Disney Co. (DIS) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Walt Disney Co. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Walt Disney Co. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by changes in consumer preferences for entertainment offerings and products, its ability to generate revenue from its intellectual property rights, labor and employment disputes, the seasonality of certain of Disney’s businesses and changes in FCC, environmental, consumer safety and tax regulations. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zT3otxoMgnMd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the leveraged daily returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to track indices that replicate leveraged daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 47%; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 18%; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-180%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-160%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-140%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-120%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-50%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-100%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 30.08%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 38.30% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was -9.57%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Amusement and Leisure Company Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the amusement and leisure company sector. Companies engaged in the design, production, or distribution of goods or services for the leisure and entertainment industries (including hospitality industry companies such as airlines, hotels, restaurants and bars, cruise lines, casinos, and all other recreation and amusement businesses; as well as entertainment programming companies engaged in the production of motion pictures, music by recording artists, programming for radio and television, related post-production and movie theaters) may become obsolete quickly. Additionally, several factors can significantly affect the leisure and entertainment industries, including the performance of the overall economy, changing consumer tastes and discretionary income levels, intense competition, technological developments and government regulation. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate -2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruption. The Fund may be required to deviate from its investment objective as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” and “Leverage Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_903_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000076357Member_zn533AtuO6G9">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Updated performance information, when available, will be available online at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_90B_eoef--PerformanceAvailabilityWebSiteAddress_c20261028__20261028__dei--LegalEntityAxis__custom--S000076357Member_zwtYQTYyTXl5">www.graniteshares.com or by calling 844-476-8747. Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. www.graniteshares.com 844-476-8747 Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Ford Motor Company (NYSE: F). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_zNUPp0A0USUa"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zoGybIaPUGv3" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_49B_20261028__20261028__oef--ClassAxis__custom--C000236104Member_zIaWiEwdvcj3" style="text-align: right">0.99</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: left; font-style: normal; font-weight: normal">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_40A_eoef--ManagementFeesOverAssets_dp_zavvJa222lQi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">0.99</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_zlKCuYWBzcif" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp_zYqBA07Sa9X9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.06</td><td style="text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zeWXepcF1U97" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_iT_dp_zhy5KlOCTTGl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.08</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dp_zPUe8zZT4zZk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements (4)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_iT_dp_zpjE2XybYfma" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.08</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.15%. This agreement is effective until December 31, 2027 and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0099 0.0000 0.0006 0.0003 0.0108 0.0108 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8E_eoef--ExpenseExampleWithRedemptionTableTextBlock_z4fP113o2xB9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zv7Y2Bf8Kfi8" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000236104Member_zty9oELa0wma" style="width: 47%; text-align: right">113</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_989_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000236104Member_zlmLDUco5cLa" style="width: 47%; text-align: right">370</td><td style="width: 1%; text-align: left"> </td></tr> </table> 113 370 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet launched. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2 times (200%) the daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the daily performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the automotive industry. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Ford Motor Company. The common stock of Ford Motor Company (F) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Ford Motor Company pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Ford Motor Company may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by changes in consumer preferences affecting the automotive industry including electric vehicles, its reliance on third-party suppliers, vehicle defect issues, labor and employment issues, trade policies and tariffs, governmental investigations and litigations, and new or increased credit or consumer protection regulations. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zqpR7p73qlJf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the leveraged daily returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 47%; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 18%; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-180%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-160%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-140%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-120%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-50%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-100%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 39.93%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 51.56% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 7.71%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Automotive Company Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to risks of the automotive sector. The automotive sector industry can be highly cyclical, and companies in the industry may suffer periodic operating losses. Automotive companies can be significantly affected by labor relations and fluctuating component prices. Developments in automotive technologies (e.g., autonomous vehicle technologies) may require significant capital expenditures that may not generate profits for several years, if ever. Automotive companies may be significantly subject to government policies and regulations regarding imports and exports of automotive products. Governmental policies affecting the automotive industry, such as taxes, tariffs, duties, subsidies, and import and export restrictions on automotive products can influence industry profitability. In addition, such companies must comply with environmental laws and regulations, for which there may be severe consequences for non-compliance. While most of the major automotive manufacturers are large companies, certain others may be non-diversified in both product line and customer base and may be more vulnerable to certain events that may negatively impact the automotive industry. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objective as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” and “Leverage Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_902_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000076358Member_zpfHiJRRtKI">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Updated performance information, when available, will be available online at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_906_eoef--PerformanceAvailabilityWebSiteAddress_c20261028__20261028__dei--LegalEntityAxis__custom--S000076358Member_zYnNJTcH6ctl">www.graniteshares.com or by calling 844-476-8747. Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. www.graniteshares.com 844-476-8747 Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of First Solar, Inc. (NASDAQ: FSLR). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A8C_eoef--AnnualFundOperatingExpensesTableTextBlock_zvBx26LJlfV6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zHN59wUPIyI9" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_494_20261028__20261028__oef--ClassAxis__custom--S000094389Member_zhwV9NcZH05i" style="text-align: right">1.30</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: left; font-style: normal; font-weight: normal">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_zWbAd3TJdyJ8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_z71RGLX5GP9c" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp_z82Gff4uZZn1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.06</td><td style="text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zxLyOefo3xih" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_iT_dp_zrR9MScnbrD3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dp_z0T5qMTJsWwl" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements (4)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_iT_dp_zyoF2XeP4mff" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td id="xdx_F1D_zrt03enI5uz" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0130 0.0000 0.0006 0.0003 0.0139 0.0139 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_zDGK3QYu8M18"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zL6UKPygHnKk" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--S000094389Member_z6FBbhqyofIi" style="width: 47%; text-align: right">145</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--S000094389Member_zlxXSj6Fgheg" style="width: 47%; text-align: right">474</td><td style="width: 1%; text-align: left"> </td></tr> </table> 145 474 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet been launched. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2 times (200%) the daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate the leverage daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 30% and 45% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transaction, which is a transaction under which the purchaser (i.e., the Fund) acquires a security and the seller agrees, at the time of the sale, to repurchase the security at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) equity or fixed income securities for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the daily performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the solar technology industry. First Solar, Inc. is a photovoltaic (PV) solar technology and manufacturing company. It is focused on enabling power generation needs with its advanced, thin film PV technology. The Company’s primary segment is its modules business, which involves the design, manufacture, and sale of solar modules, which convert sunlight into electricity. First Solar, Inc. is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by First Solar, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-167385 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding First Solar, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of First Solar, Inc. The common stock of First Solar, Inc. (FSLR) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by First Solar, Inc. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding First Solar, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the solar technology industry. The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including intense competition, short product lifecycles and potentially rapid product obsolescence. These companies may be significantly affected by fluctuations in energy prices and in the supply and demand of renewable energy, tax incentives, permitting application timelines, availability of transmission capacity, subsidies, and other governmental regulations and policies. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zZP2nof1PZcd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the daily leverage returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate daily leverage returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 17.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 45%; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 20%; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-180%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-160%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-140%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-120%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-50%</td> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-100%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 55.39%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 66.40% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 16.51%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily leverage performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zBX8yuDXi0xj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zkHrLUeFIbOc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” and “Leverage Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_901_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000094389Member_znnR1FZErzqb">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Galaxy Digital Holdings Ltd (NASDAQ: GLXY). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A8F_eoef--AnnualFundOperatingExpensesTableTextBlock_zgddhpI14mkf"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zvzRM389dpij" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_496_20261028__20261028__oef--ClassAxis__custom--C000262868Member_z7WJj9ADnAu1" style="text-align: right">1.30</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_zdsQRXQ7QOkh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_zQHiwFNwkAJa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_400_eoef--OtherExpensesOverAssets_dp_zaJhbuRj8eya" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.06</td><td style="text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zZa4tdpSMWGf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_iT_dp_zA40fY9cSys2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dp_z8ApJtzOZfR8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements (4)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_iT_dp_zS98aIupoMBg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0130 0.0000 0.0006 0.0003 0.0139 0.0139 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8C_eoef--ExpenseExampleWithRedemptionTableTextBlock_zEo4kkskmth"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zPENZl5tabP6" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000262868Member_zjxshSRvC8B9" style="width: 47%; text-align: right">145</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000262868Member_zyJJN9D5LsCj" style="width: 47%; text-align: right">474</td><td style="width: 1%; text-align: left"> </td></tr> </table> 145 474 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet been launched. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2 times (200%) the daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate the leverage daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 30% and 45% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transaction, which is a transaction under which the purchaser (i.e., the Fund) acquires a security and the seller agrees, at the time of the sale, to repurchase the security at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) equity or fixed income securities for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the daily performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the digital asset and financial services industry. Galaxy Digital Holdings Ltd. is a digital asset and blockchain company. The Company serves a diversified client base, including institutions, startups, and qualified individuals. Galaxy Digital Holdings Ltd. is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Galaxy Digital Holdings Ltd. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-262378 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Galaxy Digital Holdings Ltd. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. Additional Information on Bitcoin Bitcoin is a digital asset that is created and transmitted through the operations of the online, peer-to-peer Bitcoin network, a decentralized network of computers that operates on cryptographic protocols. The ownership of bitcoin is determined by participants in the Bitcoin network. The Bitcoin network connects computers that run publicly accessible, or “open source,” software that follows the rules and procedures governing the Bitcoin network. This is commonly referred to as the Bitcoin Protocol. Bitcoin, the asset, plays a key role in the operation of the Bitcoin network, as the computers (or “miners”) that process transactions on the network and maintain the network’s security are compensated through the issuance of new bitcoin and through transaction fees paid by users in bitcoin. No single entity owns or operates the Bitcoin network. Bitcoin is not issued by any government, by banks or similar organizations. The infrastructure of the Bitcoin network is collectively maintained by a decentralized user base. The Bitcoin network is accessed through software, and software governs the creation, movement, and ownership of “bitcoin,” the unit of account on the Bitcoin network ledger. The value of bitcoin is determined, in part, by the supply of, and demand for, bitcoin in the global markets for trading bitcoin, market expectations for the adoption of bitcoin as a decentralized store of value, the number of merchants and/or institutions that accept bitcoin as a form of payment and the volume of private end-user-to-end-user transactions. Bitcoin transaction and ownership records are reflected on the “Bitcoin blockchain,” which is a digital public record or ledger. Copies of this ledger are stored in a decentralized manner on the computers of each Bitcoin network node (a node is any user who maintains on their computer a full copy of all the bitcoin transaction records, the blockchain, as well as related software). Transaction data is permanently recorded in files called “blocks,” which reflect transactions that have been recorded and authenticated by Bitcoin network participants. The Bitcoin network software source code includes protocols that govern the creation of new bitcoin and the cryptographic system that secures and verifies bitcoin transactions. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Galaxy Digital Holdings Ltd. The common stock of Galaxy Digital Holdings Ltd. (GLXY) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Galaxy Digital Holdings Ltd. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Galaxy Digital Holdings Ltd. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the digital asset and financial services industry. The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by the value and trading volume of digital assets and cryptocurrencies, regulatory actions targeting cryptocurrency and blockchain businesses, the security of its digital asset custody and financial services platforms, competition from other digital asset firms and traditional financial institutions, and the overall development and adoption of blockchain technology. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. Bitcoin Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to risks associated with bitcoin. Investing in bitcoin is exposed to significant risks that are not typically present in other investments. These risks include the uncertainty surrounding new technology, limited evaluation due to bitcoin’s short trading history, and the potential decline in adoption and value over the long term. The extreme volatility of bitcoin’s price is also a risk factor. Regulatory uncertainties, such as potential government interventions and conflicting regulations across jurisdictions, can impact the demand for bitcoin and restrict its usage. Bitcoin is not presently widely accepted as a medium of exchange, which may be due to a number of common impediments and/or disadvantages to adopting the Bitcoin Network as a payment network, including the slowness of transaction processing and finality, variability of transaction fees, and volatility of the price of bitcoin. Additionally, risks associated with the sale of newly mined bitcoin, bitcoin trading platforms, competition from alternative digital assets, mining operations, network modifications, and intellectual property claims pose further challenges to bitcoin-linked investments. The value of bitcoin has been, may continue to be, substantially dependent on speculation, such that trading and investing in these assets generally may not be based on fundamental analysis. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. Bitcoin Halving. While bitcoin prices have historically increased around halving events (a process designed to control the overall supply and reduce the risk of inflation in bitcoin, which uses a proof-of-work consensus algorithm and results in the mining reward being cut in half) there is no guarantee that the price change will be favorable or would compensate for the reduction in mining rewards. If a corresponding and proportionate increase in the price of Bitcoin does not follow future halving events, the revenue GLXY earns from its bitcoin mining operations would see a decrease, which could have a material adverse effect on GLXY’s results of operations and financial condition. Hash Rate and Difficulty. As demand for bitcoin has increased, the global network hash rate (i.e., the aggregate amount of computing power devoted to supporting the bitcoin blockchain at a given time) has increased rapidly, and as greater adoption of bitcoin occurs, it is expected that demand for new bitcoin will likewise increase as more mining companies are drawn into the industry by this increased demand. Further, as a greater number of increasingly powerful miners have been deployed, the network difficulty for bitcoin has consequently also increased. A high difficulty means that more computing power will be required in order to solve a block and earn a new bitcoin reward, which, in turn, makes the bitcoin network more secure by limiting the possibility of one miner or mining pool gaining control of the network. Therefore, as new and existing miners deploy additional hash rate, the global network hash rate will continue to increase, meaning a miner’s share of the global network hash rate (and therefore its chance of earning bitcoin rewards) will decline if it fails to deploy additional hash rate at pace with the industry. If an effort to grow the hash rate, results in the inability to complete planned expansions on schedule and within anticipated cost estimates, deployment of newly purchased miners may be delayed, which could affect its competitiveness and results of operation, which could have a material adverse effect on the Underlying Stock’s financial condition and market price for its securities. Blockchain Risk: Blockchain companies may be adversely impacted by government regulations or economic conditions. Blockchain technology is new and its uses are in many cases untested or unclear. These companies may also have significant exposure to fluctuations in the spot prices of digital assets, particularly to the extent that demand for a company’s hardware or services may increase as the spot price of digital assets increases. Blockchain companies typically face intense competition and potentially rapid product obsolescence. In addition, many Blockchain companies store sensitive consumer information and could be the target of cybersecurity attacks and other types of theft, which could have a negative impact on these companies. Access to a given blockchain may require a specific cryptographic key (in effect a string of characters granting unique access to initiate transactions related to specific digital assets) or set of keys, the theft, loss, or destruction of which, either by accident or as a result of the efforts of a third party, could irrevocably impair a claim to the digital assets stored on that blockchain. Many Blockchain companies currently operate under less regulatory scrutiny than traditional financial services companies and banks, but there is significant risk that regulatory oversight could increase in the future. Higher levels of regulation could increase costs and adversely impact the current business models of some Blockchain companies. For example, restrictions imposed by foreign governments, including China, on the use and mining of digital assets, may adversely impact Blockchain Companies and in turn the Fund. These companies could be negatively impacted by disruptions in service caused by hardware or software failure, or by interruptions or delays in service by third-party data center hosting facilities and maintenance providers. Blockchain companies involved in digital assets may face slow adoption rates and be subject to higher levels of regulatory scrutiny in the future, which could severely impact the viability of these companies. Blockchain companies, especially smaller companies, tend to be more volatile than companies that do not rely heavily on technology. The customers and/or suppliers of Blockchain companies may be concentrated in a particular country, region or industry. Any adverse event affecting one of these countries, regions or industries could have a negative impact on Blockchain companies. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_ztl3gzqu3Oo1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the daily leverage returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate daily leverage returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 17.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify">10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 45%; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 20%; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-180%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-160%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-140%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-120%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-50%</td> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-100%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 95.54%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 119.40% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 6.13%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily leverage performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuating more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zHrdUY97DJfj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zCcUqfKZW184" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” and “Leverage Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_900_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000094366Member_zTy8tfEyKlpc">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of GameStop Corp. (NYSE: GME). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A85_eoef--AnnualFundOperatingExpensesTableTextBlock_zOQHlhfwuDzi"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zLkjTx6ZPT43" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_495_20261028__20261028__oef--ClassAxis__custom--C000258152Member_z6xW59r7piY1" style="text-align: right">1.30</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; font-style: normal; font-weight: normal; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_zqDhWONmdhxg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: justify">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_zVwnvnIUpRk4" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp_zFMXAPvProy9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.06</td><td style="text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zldQkTzzFnrk" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_iT_dp_zmKjQspxo6Ma" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dp_zHVTjou5oard" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Fee Waiver/Reimbursements (4)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_iT_dp_zEVpeB1oCkXe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0130 0.0000 0.0006 0.0003 0.0139 0.0139 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8E_eoef--ExpenseExampleWithRedemptionTableTextBlock_zvhbvm9ICbb7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zsWhmbpDrHYb" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_983_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000258152Member_zGAGahlQZoR" style="width: 47%; text-align: right">145</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000258152Member_zyXYbSWVcNI9" style="width: 47%; text-align: right">474</td><td style="width: 1%; text-align: left"> </td></tr> </table> 145 474 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet been launched. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2 times (200%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money put option contracts, or simultaneously buy an at-the-money put option contract and sell an at-the-money call option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each put option contract bought and receive the premium for each call option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the put and sells the call option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the inverse performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the consumer discretionary industry. GameStop Corp. offers games and entertainment products through its stores and e-commerce platforms. It operates in four geographic segments: United States, Canada, Australia and Europe. Each segment consists primarily of retail operations, with the significant majority focused on games, entertainment products and technology. GME is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by GME pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-32637 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding GME may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of GameStop Corp. The common stock of GameStop Corp. (GME) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by GameStop Corp. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding GameStop Corp. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the consumer discretionary industry. The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. Success depends heavily on disposable household income and consumer spending and may be strongly affected by social trends and marketing campaigns. Also, companies in the consumer discretionary industry may be subject to severe competition, which may have an adverse impact on a company’s profitability. Changes in demographics and consumer tastes also can affect the demand for, and success of, consumer discretionary products in the marketplace. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zw6wArbvJUQ" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the daily inverse returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate inverse daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Inverse Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Inverse Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Inverse Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify">10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 38%; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 20%; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-180%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-160%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-140%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-120%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-50%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-100%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 95.31%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 154.99% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was -19.16%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from -100% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by the Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect -100% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zs7wxa6CC4h4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zeNuH0vtceCk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate -2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” and “Leverage Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_90F_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000090804Member_z5o5G2idU9I6">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Alphabet Inc. Class A (NASDAQ: GOOGL). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A89_eoef--AnnualFundOperatingExpensesTableTextBlock_zJmrBMpg2iG8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zizChxWoPn5h" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_49A_20261028__20261028__oef--ClassAxis__custom--C000236099Member_zutjEsiQDAF" style="text-align: right">0.99</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; font-style: normal; font-weight: normal; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dp_zTfl3Ek0pqK9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: justify">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">0.99</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--DistributionAndService12b1FeesOverAssets_dp_zxexkiHwBq69" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_409_eoef--OtherExpensesOverAssets_dp_zCZ3Byg4QH8h" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.89</td><td style="text-align: left">%</td></tr> <tr id="xdx_409_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zWny0TP5APRd" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_iT_dp_z76jMh9tutBh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.91</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--FeeWaiverOrReimbursementOverAssets_dp_ziD2l83lOju1" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Fee Waiver/Reimbursements/Fees Paid Indirectly (4), (5)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-0.73</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40F_eoef--NetExpensesOverAssets_iT_dp_zqYCjYZiH2Cc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4), (5)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.18</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are based on actual amounts incurred during the Fund’s fiscal period ended June 30, 2026.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s fiscal year ending June 30, 2027.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.15%. This agreement is effective until December 31, 2027 and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_F0F_zgPpua5gmmwk" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(5)</td> <td id="xdx_F11_zo6Qs1JXAf2b" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The Funds’ have a fee arrangement with its custodian which provides for custody fees to be reduced by Create/Redeem credits received by the custodian from Authorized Participants.</td></tr> </table> 0.0099 0.0000 0.0089 0.0003 0.0191 -0.0073 0.0118 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A87_eoef--ExpenseExampleWithRedemptionTableTextBlock_zJ7em5n9REG9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zbvN6g3Ghnya" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">5 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">10 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000236099Member_zcTHxE6H5jCg" style="width: 22%; text-align: right">120</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98A_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000236099Member_zs2JOV7wDUxg" style="width: 22%; text-align: right">529</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98A_eoef--ExpenseExampleYear05_c20261028__20261028__oef--ClassAxis__custom--C000236099Member_zLQ8C28PBHj6" style="width: 21%; text-align: right">963</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eoef--ExpenseExampleYear10_c20261028__20261028__oef--ClassAxis__custom--C000236099Member_zqkw1Tor9Fwf" style="width: 21%; text-align: right">2,170</td><td style="width: 1%; text-align: left"> </td></tr> </table> 120 529 963 2170 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio, since the Fund invested only in instruments that are excluded from portfolio turnover rate calculations. However, if the Fund’s use of derivatives were reflected, the Fund’s portfolio turnover rate would be higher. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2 times (200%) the daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the daily performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the computer programming industry. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Alphabet Inc. The common stock of Alphabet Inc. (GOOGL) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Alphabet Inc. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Alphabet Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND. As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by changes in advertising revenues, increased competition and ability to retain users and customers, its ability to enforce the company’s intellectual property rights, manufacturing and supply chain risks, global market conditions, cyber-attacks and changes in regulatory oversight. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_z2363JcRqCGh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the leveraged daily returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to track indices that replicate leveraged daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify">10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 47%; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 18%; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-180%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-160%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-140%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-120%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-50%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-100%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 32.65%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 40.64% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 18.71%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--SocialMediaAndComputerProgrammingCompanyRiskMember_zjElgAm9Nm7d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Social Media and Computer Programming Company Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the social media and computer programming sector. Such companies provide social networking, file sharing, and other web-based media applications. The risks related to investing in such companies include disruption in service caused by hardware or software failure, interruptions or delays in service by third-party data center hosting facilities and maintenance providers, security breaches involving certain private, sensitive, proprietary and confidential information managed and transmitted by social media companies, and privacy concerns and laws, evolving Internet regulation and other foreign or domestic regulations that may limit or otherwise affect the operations of such companies. Additionally, the collection of data from consumers and other sources could face increased scrutiny as regulators consider how the data is collected, stored, safeguarded and used. Furthermore, the business models employed by the companies in the social media and computer programming industries may not prove to be successful. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objective as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” and “Leverage Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: The Fund has not yet completed a full calendar year as of the date of this prospectus and therefore does not have a performance history for a full calendar year. Once available, the Fund’s performance information will be accessible on the Fund’s website at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_907_eoef--PerformanceAvailabilityWebSiteAddress_c20261028__20261028__dei--LegalEntityAxis__custom--S000076353Member_znkCHN57XCj1">www.graniteshares.com and will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance and by showing how the Fund’s returns compare with those of a broad measure of market performance. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_90F_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000076353Member_zbDabbgQ9Myb">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.graniteshares.com The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Hims & Hers Health, Inc. (NYSE: HIMS). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A83_eoef--AnnualFundOperatingExpensesTableTextBlock_zmpDglwI3fbj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zpZ5BCFHurLb" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_49E_20261028__20261028__oef--ClassAxis__custom--C000262869Member_z1jDtvcmQhP2" style="text-align: right">0.99</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; font-style: normal; font-weight: normal; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_400_eoef--ManagementFeesOverAssets_dp_zWdAj2vaJIs9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: justify">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">0.99</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40D_eoef--DistributionAndService12b1FeesOverAssets_dp_zTir6mBmn6ed" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp_zyTXUqqqUF27" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.06</td><td style="text-align: left">%</td></tr> <tr id="xdx_408_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zrA4QteefmW3" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_iT_dp_zJlosLftL25i" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.08</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_406_eoef--FeeWaiverOrReimbursementOverAssets_dp_zVXUEK62GNdb" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Fee Waiver/Reimbursements (4)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_404_eoef--NetExpensesOverAssets_iT_dp_zBdAMRQaHJzk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.08</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.15%. This agreement is effective until December 31, 2027 and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0099 0.0000 0.0006 0.0003 0.0108 0.0108 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A89_eoef--ExpenseExampleWithRedemptionTableTextBlock_zMllND5LlQA3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zBFmFydfey4k" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_981_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000262869Member_z6WV7ltuDkue" style="width: 47%; text-align: right">113</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000262869Member_zxJISH5MXeBl" style="width: 47%; text-align: right">370</td><td style="width: 1%; text-align: left"> </td></tr> </table> 113 370 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet been launched. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2 times (200%) the daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock in a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 30% and 45% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transaction, which is a transaction under which the purchaser (i.e., the Fund) acquires a security and the seller agrees, at the time of the sale, to repurchase the security at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) equity or fixed income securities for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the daily performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the Healthcare Providers & Services Industry. Hims & Hers Health, Inc. provides a consumer-first platform, which helps customers to fulfill their health and wellness needs. Its platform includes access to a provider network, a clinically focused electronic medical record system, digital prescriptions, cloud pharmacy fulfillment, and personalization capabilities. Hims & Hers Health, Inc. is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Hims & Hers Health, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-285173 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Hims & Hers Health, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Hims & Hers Health, Inc. The common stock of Hims & Hers Health, Inc. (HIMS) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Hims & Hers Health, Inc. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Hims & Hers Health, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the Healthcare Providers and Services Industry. The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to changing economic conditions, evolving patient demographics, and fluctuations in demand for healthcare services. Profitability in this industry is often dependent on reimbursement rates from government programs and private payors, as well as the ability to manage operational costs effectively. Changes in healthcare regulations and policies, including those related to insurance coverage and reimbursement, can materially impact the industry. Companies in the healthcare providers and services industry are subject to extensive and frequently changing government regulation, which may affect the scope of their activities, the rates they can charge for services, and their compliance costs. Additionally, the industry faces risks related to litigation, operational disruptions, and evolving technologies that may alter traditional service delivery models. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zf3Q9DFKU4W4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the daily leverage returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify">10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 45%; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 20%; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-180%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-160%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-140%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-120%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-50%</td> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-100%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 85.70%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 118.07% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 29.51%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect -100% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily leverage performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zyVF1xwFGdk4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_z2gUNExfanp5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” and “Leverage Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_903_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000094367Member_zvbZ0Xw4cXqk">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Robinhood Markets, Inc. (NASDAQ: HOOD). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A8B_eoef--AnnualFundOperatingExpensesTableTextBlock_zqNNHYBct8gc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zi1OYvL7IPGi" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_49E_20261028__20261028__oef--ClassAxis__custom--C000258296Member_zsM52HAqchX8" style="text-align: right">1.30</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; font-style: normal; font-weight: normal; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_403_eoef--ManagementFeesOverAssets_dp_zazu9X37KCMi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: justify">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_404_eoef--DistributionAndService12b1FeesOverAssets_dp_zgNYYSI9Ubqd" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_40D_eoef--OtherExpensesOverAssets_dp_z9iceI3FTyja" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.06</td><td style="text-align: left">%</td></tr> <tr id="xdx_400_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zPNXGgF7yPvj" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_400_eoef--ExpensesOverAssets_iT_dp_zc6MIfVS9V94" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_403_eoef--FeeWaiverOrReimbursementOverAssets_dp_zZu1aJj8mxVb" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Fee Waiver/Reimbursements (4)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_403_eoef--NetExpensesOverAssets_iT_dp_zfXGEqJikHd8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0130 0.0000 0.0006 0.0003 0.0139 0.0139 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8E_eoef--ExpenseExampleWithRedemptionTableTextBlock_zJCczKTgvjG1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_z7vLwEzG6vxa" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000258296Member_zRXpvtqMPMud" style="width: 47%; text-align: right">145</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98D_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000258296Member_zNZt5zkWwr3a" style="width: 47%; text-align: right">474</td><td style="width: 1%; text-align: left"> </td></tr> </table> 145 474 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet been launched. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2 times (200%) the daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock in a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the daily performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the investment banking and brokerage industry. Robinhood Markets, Inc. provides financial services platform for everyone, regardless of their wealth, income, or background. Robinhood Markets, Inc. is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Robinhood Markets, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-258474 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Robinhood Markets, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Robinhood Markets, Inc. The common stock of Robinhood Markets, Inc. (HOOD) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Robinhood Markets, Inc. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Robinhood Markets, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the investment banking and brokerage industry. The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock operates in a heavily regulated and supervised environment. The impact interpretation, and enforcement of new rules can have major impacts on its operations. The Underlying Stock has material exposure to market, credit, and liquidity risks. The Underlying Stock relies on complex systems, and its inability to operate them accurately and timely could materially impact its ability to operate. The Underlying Stock may be significantly affected by stock and bank trading activity, continuing increases in price competition, decreases in fees or fee-related business, including investment banking, brokerage, asset management and other servicing fees, fluctuation in interest rates and other factors which could adversely affect financial markets. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_z1mvLzuah614" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the daily leverage returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify">10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 45%; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 20%; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-180%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-160%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-140%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-120%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-50%</td> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-100%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 69.20%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 86.79% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 18.65%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect -100% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily leverage performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zklwSRLKxusd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zZvZDjA0phU8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” and “Leverage Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_90B_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000090907Member_zKQSXm0EJSr8">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Intel Corp. (NASDAQ: INTC). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A8D_eoef--AnnualFundOperatingExpensesTableTextBlock_zm9EOTapXVre"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zhP730vxy3n8" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_49B_20261028__20261028__oef--ClassAxis__custom--C000254485Member_zilTztHHNay4" style="text-align: right">1.30</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; font-style: normal; font-weight: normal; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dp_z0n0Exw6cRSf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: justify">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--DistributionAndService12b1FeesOverAssets_dp_zC0Q3y3gomb3" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_409_eoef--OtherExpensesOverAssets_dp_zbCkY5sQTXyb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.22</td><td style="text-align: left">%</td></tr> <tr id="xdx_406_ecustom--RecoupmentOfPreviouslyWaivedExpenses_dpn_zmgmEOAaM3Qk" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Recoupment of previously waived expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.01</td><td style="text-align: left">%</td></tr> <tr id="xdx_409_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zL8HQxcY18w1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_iT_dp_zV3LOO9aNAX9" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.56</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--FeeWaiverOrReimbursementOverAssets_dp_zNo6VymBrrPh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Fee Waiver/Reimbursements/Fees Paid Indirectly (4), (5)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-0.01</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40F_eoef--NetExpensesOverAssets_iT_dp_ztgtS8oEzBPa" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4), (5)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.55</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are based on actual amounts incurred during the Fund’s fiscal period ended June 30, 2026 which includes Interest Expense of 0.18% related to margin posted by the swap counterparties.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s fiscal year ending June 30, 2027.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_F0D_zw5llaWITGF5" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(5)</td> <td id="xdx_F1B_zBQl7Xv9Ur" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The Funds’ have a fee arrangement with its custodian which provides for custody fees to be reduced by Create/Redeem credits received by the custodian from Authorized Participants.</td></tr> </table> 0.0130 0.0000 0.0022 0.0001 0.0003 0.0156 -0.0001 0.0155 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A80_eoef--ExpenseExampleWithRedemptionTableTextBlock_zHzkGTjOSMTd"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zcv9ZUO0J6Bf" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">5 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">10 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_98A_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000254485Member_zJQkGaC9FY32" style="width: 22%; text-align: right">158</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000254485Member_zL2VCz9LL3pc" style="width: 22%; text-align: right">492</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eoef--ExpenseExampleYear05_c20261028__20261028__oef--ClassAxis__custom--C000254485Member_zHNnQIpJPIB5" style="width: 21%; text-align: right">849</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98D_eoef--ExpenseExampleYear10_c20261028__20261028__oef--ClassAxis__custom--C000254485Member_zagwUcsoSvV6" style="width: 21%; text-align: right">1,853</td><td style="width: 1%; text-align: left"> </td></tr> </table> 158 492 849 1853 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio, since the Fund invested only in instruments that are excluded from portfolio turnover rate calculations. However, if the Fund’s use of derivatives were reflected, the Fund’s portfolio turnover rate would be higher. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2 times (200%) the daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate the inverse daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sell the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have the inverse performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the semi-conductor industry. Intel Corporation is engaged in designing and manufacturing of semiconductors. INTL is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by INTL pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 000-06217 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding INTL may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Intel Corp. The common stock of Intel Corp. (INTL) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Intel Corp. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Intel Corp. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the semiconductor industry. The risks of investments in the semiconductor industry include: intense competition, both domestically and internationally, including competition from subsidized foreign competitors with lower production costs; wide fluctuations in securities prices due to risks of rapid obsolescence of products; economic performance of the customers of semiconductor companies; their research costs and the risks that their products may not prove commercially successful; capital equipment expenditures that could be substantial and suffer from rapid obsolescence; and thin capitalization and limited product lines, markets, financial resources or personnel. The semiconductor industry may also be affected by risks that affect the broader technology sector, including government regulation; dramatic and often unpredictable changes in growth rates and competition for qualified personnel; heavy dependence on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability; and a small number of companies representing a large portion of the technology sector as a whole. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_z4jGy9D8V739" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the daily leverage returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Inverse Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Inverse Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify">10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 38%; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 20%; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-180%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-160%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-140%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-120%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-50%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-100%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 55.43%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 80.56% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 12.61%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock increases more than 100%. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zbb3aFZZ2Eyh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_z2gLYiOtAefb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” and “Leverage Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: The Fund has not yet completed a full calendar year as of the date of this prospectus and therefore does not have a performance history for a full calendar year. Once available, the Fund’s performance information will be accessible on the Fund’s website at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_908_eoef--PerformanceAvailabilityWebSiteAddress_c20261028__20261028__dei--LegalEntityAxis__custom--S000088287Member_zcyp5qMqOSEk">www.graniteshares.com and will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance and by showing how the Fund’s returns compare with those of a broad measure of market performance. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_90D_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000088287Member_zHYkLhhEJW2f">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.graniteshares.com The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Investment Objective The Fund seeks daily investment results, before fees and expenses, of -2 times (-200%) the daily percentage change of the common stock of Intel Corp. (NASDAQ: INTC). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A87_eoef--AnnualFundOperatingExpensesTableTextBlock_znodZHIxlOTb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zKg4s3t4xyl" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_49A_20261028__20261028__oef--ClassAxis__custom--C000254500Member_zR6hOQzdkHT9" style="text-align: right">1.30</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; font-style: normal; font-weight: normal; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_40C_eoef--ManagementFeesOverAssets_dp_zaqg4cDE9MN" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: justify">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_408_eoef--DistributionAndService12b1FeesOverAssets_dp_zuRyXNsD02A8" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_408_eoef--OtherExpensesOverAssets_dp_zxiaXAknpqb9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.06</td><td style="text-align: left">%</td></tr> <tr id="xdx_403_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zBSBZufIXYvc" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_405_eoef--ExpensesOverAssets_iT_dp_zqnGhB77OYVk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_403_ecustom--FeeWaiverreimbursements4_dp_zVbNTYuMuiYh" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Fee Waiver/Reimbursements (4)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_404_eoef--NetExpensesOverAssets_iT_dp_zNPvwKzJ3XU" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0130 0.0000 0.0006 0.0003 0.0139 0.0139 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A82_eoef--ExpenseExampleWithRedemptionTableTextBlock_zZVZXsqu8Jja"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zSmrgs1P9ZJi" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000254500Member_zwAthX0VfRg7" style="width: 47%; text-align: right">145</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000254500Member_zDslo634sGJa" style="width: 47%; text-align: right">474</td><td style="width: 1%; text-align: left"> </td></tr> </table> 145 474 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet been launched. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2x the inverse (-200%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately -200% of the Fund’s net asset value. The Fund aims to generate the inverse daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money put option contracts, or simultaneously buy an at-the-money put option contract and sell an at-the-money call option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each put option contract bought and receive the premium for each call option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the put and sells the call option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the inverse performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the semi-conductor industry. Intel Corporation is engaged in designing and manufacturing of semiconductors. INTL is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by INTL pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 000-06217 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding INTL may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance decreases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Intel Corp. The common stock of Intel Corp. (INTL) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Intel Corp. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Intel Corp. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the semiconductor industry. The risks of investments in the semiconductor industry include: intense competition, both domestically and internationally, including competition from subsidized foreign competitors with lower production costs; wide fluctuations in securities prices due to risks of rapid obsolescence of products; economic performance of the customers of semiconductor companies; their research costs and the risks that their products may not prove commercially successful; capital equipment expenditures that could be substantial and suffer from rapid obsolescence; and thin capitalization and limited product lines, markets, financial resources or personnel. The semiconductor industry may also be affected by risks that affect the broader technology sector, including: government regulation; dramatic and often unpredictable changes in growth rates and competition for qualified personnel; heavy dependence on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability; and a small number of companies representing a large portion of the technology sector as a whole. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zhXnEKO60RW3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the daily inverse returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate inverse daily returns. For a Fund aiming to replicate the inverse performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 17.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Inverse Fund would be expected to lose 95.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Inverse Fund can be expected to return less than -200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of the Underlying Stock. The Inverse Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; text-align: center">-200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify">10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 38%; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 20%; text-align: center">190%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">36110.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">31935.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">18570.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">7461.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">2021.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">292.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #DA8E86; text-align: center">-53.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">9182.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">7895.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">4554.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">1756.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">406.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-8.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-89.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">2261.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">1930.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">1074.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">367.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">23.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-78.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">962.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">810.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">421.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">108.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-45.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-90.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">500.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">415.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">196.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">15.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-69.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-94.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">286.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">230.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">89.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-25.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-80.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-96.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">168.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">130.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">31.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-48.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-97.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">98.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">69.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-62.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-90.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-98.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">51.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">29.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-26.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-71.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-98.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">2.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-41.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-77.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-2.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-52.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-81.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-95.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-84.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-96.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-32.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-42.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-67.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-87.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-96.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-42.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-51.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-89.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-97.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-50.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-57.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-76.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-90.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-97.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-56.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-79.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-92.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-62.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-67.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-81.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-66.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-71.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-83.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-70.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-74.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-73.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-77.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-95.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-200%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-74.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-78.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-95.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 55.43%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 80.56% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 12.61%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from -200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect -200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Short Sale Exposure Risk: The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock increases more than 50%. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zYlDmtH876hb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zW63dBTKzdlh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate -2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_907_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000088302Member_zFA1BSJcpyO6">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of IonQ, Inc. (NYSE: IONQ). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A89_eoef--AnnualFundOperatingExpensesTableTextBlock_zx1c0Co8aIw1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zF98p2pdbqk" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_495_20261028__20261028__oef--ClassAxis__custom--C000258300Member_zzhIUkDNfrn9" style="text-align: right">1.30</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; font-style: normal; font-weight: normal; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_40B_eoef--ManagementFeesOverAssets_dp_zqHSlboDVtDc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: justify">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_408_eoef--DistributionAndService12b1FeesOverAssets_dp_zJi1dcUsVyyk" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dp_z6HEmuGidW8c" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.58</td><td style="text-align: left">%</td></tr> <tr id="xdx_40F_ecustom--RecoupmentOfPreviouslyWaivedExpenses_dp_ziWY28fsNZwl" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Recoupment of previously waived expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.04</td><td style="text-align: left">%</td></tr> <tr id="xdx_404_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_z0cIZNNEKatd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_iT_dp_zkhjU0oYmJvh" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.95</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--FeeWaiverOrReimbursementOverAssets_dp_zHhwDWhTtdY5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Fee Waiver/Reimbursements/Fees Paid Indirectly (4), (5)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-0.04</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_405_eoef--NetExpensesOverAssets_iT_dp_zypjV3z6oy85" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4), (5)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.91</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are based on actual amounts incurred during the Fund’s fiscal period ended June 30, 2026 which includes Interest Expense of 0.46% related to margin posted by the swap counterparties.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s fiscal year ending June 30, 2027.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_F0D_zdYHzC2BJJ0k" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(5)</td> <td id="xdx_F12_zo0ac0HKoZm7" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The Funds’ have a fee arrangement with its custodian which provides for custody fees to be reduced by Create/Redeem credits received by the custodian from Authorized Participants.</td></tr> </table> 0.0130 0.0000 0.0058 0.0004 0.0003 0.0195 -0.0004 0.0191 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8B_eoef--ExpenseExampleWithRedemptionTableTextBlock_zazq0SB3GShe"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zl6VcBaKq5i7" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">5 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">10 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_98A_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000258300Member_zFcMdAndZ5T3" style="width: 22%; text-align: right">194</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000258300Member_zAJuwOwoRzn3" style="width: 22%; text-align: right">608</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eoef--ExpenseExampleYear05_c20261028__20261028__oef--ClassAxis__custom--C000258300Member_zQeHNrf5A2Gg" style="width: 21%; text-align: right">1,048</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_981_eoef--ExpenseExampleYear10_c20261028__20261028__oef--ClassAxis__custom--C000258300Member_zrPGw4SjzVbd" style="width: 21%; text-align: right">2,268</td><td style="width: 1%; text-align: left"> </td></tr> </table> 194 608 1048 2268 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio, since the Fund invested only in instruments that are excluded from portfolio turnover rate calculations. However, if the Fund’s use of derivatives were reflected, the Fund’s portfolio turnover rate would be higher. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2 times (200%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call or sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the daily performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the financial technology and digital payments industry. IonQ, Inc. is engaged in quantum computing that delivers high-performance systems capable of solving commercial and research use cases. The company makes access to its quantum computers through cloud platforms, such as Amazon Web Services (AWS) Amazon Braket, Microsoft’s Azure Quantum, and Google’s Cloud Marketplace, as well as through its cloud service. It also provides contracts associated with the design, development, and construction of specialized quantum computing hardware systems; maintenance and support services; and consulting services related to co-developing algorithms on quantum computing systems. IonQ, Inc. is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by IonQ, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-39694 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding IonQ, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Block, Inc. The common stock of Block, Inc. is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Block, Inc. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Block, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the financial technology and digital payments industry. The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by the volume and value of payment transactions on its platforms, government regulations affecting financial technology and payment processing, cybersecurity and data breach risks, competition from traditional financial institutions and other financial technology companies, and its ability to expand its ecosystem of financial products and services. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zKrOxsYvt1Kb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the daily leverage returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify">10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">25%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">50%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">75%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 45%; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 20%; text-align: center">-190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-180%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-160%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-140%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-120%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-50%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-100%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">190%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 103.70%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 130.15% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 31.57%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily leverage performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” and “Leverage Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: The Fund has not yet completed a full calendar year as of the date of this prospectus and therefore does not have a performance history for a full calendar year. Once available, the Fund’s performance information will be accessible on the Fund’s website at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_906_eoef--PerformanceAvailabilityWebSiteAddress_c20261028__20261028__dei--LegalEntityAxis__custom--S000090911Member_zCVmqNDcoJU5">www.graniteshares.com and will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance and by showing how the Fund’s returns compare with those of a broad measure of market performance. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_90F_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000090911Member_zeN6uojt2Oa9">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.graniteshares.com The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Intuitive Surgical, Inc. (Nasdaq: ISRG). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A8A_eoef--AnnualFundOperatingExpensesTableTextBlock_z1Dd5OZhRo"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zzHkW5Stqe03" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_49C_20261028__20261028__oef--ClassAxis__custom--C000262870Member_zzmA6AR6Nbx6" style="text-align: right">1.30</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; font-style: normal; font-weight: normal; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_40B_eoef--ManagementFeesOverAssets_dp_z5AG6ShQqMRa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: justify">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_408_eoef--DistributionAndService12b1FeesOverAssets_dp_zUTlEC6x4pPb" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dp_zLORMh4gXqd8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.09</td><td style="text-align: left">%</td></tr> <tr id="xdx_404_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zPq6ASIvUUBg" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Acquired Fund Fees and Expenses (2)</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="text-align: left">%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_iT_dp_za2GylG7DdCi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Total Annual Fund Operating Expenses (3)</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2.42</td><td style="text-align: left">%</td></tr> <tr id="xdx_40C_eoef--FeeWaiverOrReimbursementOverAssets_dp_zhSCJHPFdmvh" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Fee Waiver/Reimbursements/Fees Paid Indirectly (4), (5)</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-0.89</td><td style="text-align: left">%</td></tr> <tr id="xdx_405_eoef--NetExpensesOverAssets_iT_dp_zYam4Ta2Yui6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4), (5)</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.53</td><td style="text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are based on actual amounts incurred during the Fund’s fiscal period ended June 30, 2026.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s fiscal year ending June 30, 2027.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_F03_zLDcwPtVcwoa" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(5)</td> <td id="xdx_F14_zRd4deqw0kX8" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The Funds’ have a fee arrangement with its custodian which provides for custody fees to be reduced by Create/Redeem credits received by the custodian from Authorized Participants.</td></tr> </table> 0.0130 0.0000 0.0109 0.0003 0.0242 -0.0089 0.0153 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A80_eoef--ExpenseExampleWithRedemptionTableTextBlock_zca7SGD7mSqd"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_z4xdCqlLrELg" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">5 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">10 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_981_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000262870Member_zqUD9BTK5T59" style="width: 22%; text-align: right">156</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_989_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000262870Member_zWV1RhxnNTu7" style="width: 22%; text-align: right">669</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_983_eoef--ExpenseExampleYear05_c20261028__20261028__oef--ClassAxis__custom--C000262870Member_zYNaCnY7MRol" style="width: 21%; text-align: right">1,209</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eoef--ExpenseExampleYear10_c20261028__20261028__oef--ClassAxis__custom--C000262870Member_zowh4Yy2XpHe" style="width: 21%; text-align: right">2,685</td><td style="width: 1%; text-align: left"> </td></tr> </table> 156 669 1209 2685 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio, since the Fund invested only in instruments that are excluded from portfolio turnover rate calculations. However, if the Fund’s use of derivatives were reflected, the Fund’s portfolio turnover rate would be higher. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2 times (200%) the daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 30% and 45% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transaction, which is a transaction under which the purchaser (i.e., the Fund) acquires a security and the seller agrees, at the time of the sale, to repurchase the security at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) equity or fixed income securities for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the daily performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the smart medical devices industry. Intuitive Surgical, Inc. develops, manufactures, and markets da Vinci surgical systems and the Ion endoluminal system. The Company specializes in invasive care and robotic-assisted surgery. Intuitive Surgical, Inc. is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Intuitive Surgical, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-266304 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Intuitive Surgical, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Intuitive Surgical, Inc. The common stock of Intuitive Surgical, Inc. (ISRG) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Intuitive Surgical, Inc. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Intuitive Surgical, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the smart medical devices industry. The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to intense competition and potentially rapid product -obsolescence. These companies are also heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. There can be no assurance these companies will be able to successfully protect their intellectual property to prevent the misappropriation of their technology, or that competitors will not develop technology that is substantially similar or superior to such companies’ technology. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zQzB6RyzIVo9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the daily leverage returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate daily leverage returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify">10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 45%; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 20%; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-180%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-160%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-140%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-120%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-50%</td> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-100%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 35.09%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 45.25% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 1.25%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily leverage performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zhaiW2FfPKN4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zuzhCrdf2sC5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” and “Leverage Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: The Fund has not yet completed a full calendar year as of the date of this prospectus and therefore does not have a performance history for a full calendar year. Once available, the Fund’s performance information will be accessible on the Fund’s website at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_90B_eoef--PerformanceAvailabilityWebSiteAddress_c20261028__20261028__dei--LegalEntityAxis__custom--S000094368Member_zKapH2To4kP6">www.graniteshares.com and will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance and by showing how the Fund’s returns compare with those of a broad measure of market performance. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_901_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000094368Member_z2A8Mx6HNRm9">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.graniteshares.com The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of JPMorgan Chase & Co. (NYSE: JPM). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_zAu1lQyeR6G3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zIYx6ZJ1jm92" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_496_20261028__20261028__oef--ClassAxis__custom--C000243833Member_zq0HSpexAtGb" style="text-align: right">0.99</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; font-style: normal; font-weight: normal; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_40B_eoef--ManagementFeesOverAssets_dp_zSYVvQwV4zqe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: justify">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">0.99</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_408_eoef--DistributionAndService12b1FeesOverAssets_dp_zPxIGORg8Zqj" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dp_z4mF4PRjfSG5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.06</td><td style="text-align: left">%</td></tr> <tr id="xdx_404_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zgHWJCoheK08" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_iT_dp_z4l8ZlBteYaa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.08</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--FeeWaiverOrReimbursementOverAssets_dp_zrKyGOPldcme" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Fee Waiver/Reimbursements (4)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_405_eoef--NetExpensesOverAssets_iT_dp_zyVDN33AYp5c" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.08</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td id="xdx_F1E_zfF8asdXxHyb" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.15%. This agreement is effective until December 31, 2027 and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0099 0.0000 0.0006 0.0003 0.0108 0.0108 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A87_eoef--ExpenseExampleWithRedemptionTableTextBlock_z3IO06hfca4k"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_z027CWk60oKa" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000243833Member_zf5fEXRsCT5h" style="width: 47%; text-align: right">113</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_983_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000243833Member_zJSohAN0cp08" style="width: 47%; text-align: right">370</td><td style="width: 1%; text-align: left"> </td></tr> </table> 113 370 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet launched. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2 times (200%) the daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the daily performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the financial services industry. JPMorgan Chase & Co. is a financial holding company. It has four segments: consumer and community banking, corporate and investment bank, commercial banking, and asset and wealth management. JPM is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by JPM pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-05805 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding JPM may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of JPMorgan Chase & Co. The common stock of JPMorgan Chase & Co. (JPM) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by JPMorgan Chase & Co. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding JPMorgan Chase & Co. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to risks of the financial services industry. The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock operates in a heavily regulated and supervised environment. The impact interpretation, and enforcement of new rules can have major impacts on its operations. The Underlying Stock has material exposure to market, credit, and liquidity risks. The Underlying Stock relies on complex systems, and its inability to operate them accurately and timely could materially impact its ability to operate. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zKvyRlX2FHz2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the leveraged daily returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; text-align: center; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify">10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 47%; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 18%; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-180%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-160%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-140%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-120%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-50%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-100%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 24.80%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 30.56% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 20.36%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_z394esOyph28" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zSlYU3hQ2uya" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions. The Fund may be required to deviate from its investment objective as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” and “Leverage Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective The Fund seeks daily investment results, before fees and expenses, of -1 time (-100%) the daily percentage change of the common stock of JPMorgan Chase & Co. (NYSE: JPM). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A8E_eoef--AnnualFundOperatingExpensesTableTextBlock_zEA7d6WQzWU6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zKlzzyTPw6j1" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_492_20261028__20261028__oef--ClassAxis__custom--C000243825Member_zTp17mpZTBZ5" style="text-align: right">0.99</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: left; font-style: normal; font-weight: normal">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_40B_eoef--ManagementFeesOverAssets_dp_zVYrf4UBmh7e" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">0.99</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_408_eoef--DistributionAndService12b1FeesOverAssets_dp_zFL789hyRJf9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dp_zvChsJxSELw" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.06</td><td style="text-align: left">%</td></tr> <tr id="xdx_404_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zMSvM5ek3U57" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_iT_dp_zOD20enhMFzd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.08</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--FeeWaiverOrReimbursementOverAssets_dp_zPvzFwNAaU5e" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements (4)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_405_eoef--NetExpensesOverAssets_iT_dp_zKkbBXd2opi9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.08</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.15%. This agreement is effective until December 31, 2027 and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0099 0.0000 0.0006 0.0003 0.0108 0.0108 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A89_eoef--ExpenseExampleWithRedemptionTableTextBlock_z6CHrbH8I4va"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zrakdBCgpIwb" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_98D_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000243825Member_zlhZT9JSM2ah" style="width: 47%; text-align: right">113</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_986_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000243825Member_zW4GfxQqT1Uh" style="width: 47%; text-align: right">370</td><td style="width: 1%; text-align: left"> </td></tr> </table> 113 370 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet launched. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate the inverse (-100%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately -100% of the Fund’s net asset value. The Fund aims to generate the inverse daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have the inverse performance of the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money put option contracts, or simultaneously buy an at-the-money put option contract and sell an at-the-money call option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each put option contract bought and receive the premium for each call option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the put and sells the call option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have the inverse performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the financial services industry. JPMorgan Chase & Co. is a financial holding company. It has four segments: consumer and community banking, corporate and investment bank, commercial banking, and asset and wealth management. JPM is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by JPM pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-05805 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding JPM may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance decreases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of JPMorgan Chase & Co. The common stock of JPMorgan Chase & Co. (JPM) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by JPMorgan Chase & Co. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding JPMorgan Chase & Co. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to risks of the financial services industry. The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock operates in a heavily regulated and supervised environment. The impact interpretation, and enforcement of new rules can have major impacts on its operations. The Underlying Stock has material exposure to market, credit, and liquidity risks. The Underlying Stock relies on complex systems, and its inability to operate them accurately and timely could materially impact its ability to operate. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zUZ0HZDpVUCl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the daily inverse returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate inverse daily returns. For a Fund aiming to replicate the inverse performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Inverse Fund would be expected to lose 63.5% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Inverse Fund can be expected to return less than -100% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -100% of the performance of the Underlying Stock. The Inverse Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; text-align: center">-100% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 47%; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 18%; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">1841.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">1773.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">1468.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">1065.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">656.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">336.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">119.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">90%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">875.7%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">829.7%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">670.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">470.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">270.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">112.7%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">7.2%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">80%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">391.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">366.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">288.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">185.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">84.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">5.4%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-47.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">70%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">228.5%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">211.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">159.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">90.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">23.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-30.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-65.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">60%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">146.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">134.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">94.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">42.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-7.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-47.4%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-74.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-50%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">50%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">97.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">87.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">55.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">14.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-26.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-58.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-79.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">65.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">56.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">30.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-5.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-65.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">41.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">34.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">11.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-18.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-47.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-70.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">23.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">17.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-2.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-28.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-53.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-74.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">10.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">4.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-13.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-36.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-59.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-77.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-88.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-43.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-79.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-10.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-14.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-29.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-48.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-66.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-81.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-17.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-21.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-35.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-52.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-69.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-91.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-23.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-27.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-40.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-56.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-71.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-84.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-92.2%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-29.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-32.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-44.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-59.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-74.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-85.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-92.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-50%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-34.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-37.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-48.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-62.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-75.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-86.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-93.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-38.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-41.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-51.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-64.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-77.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-93.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-41.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-44.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-54.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-66.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-78.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-94.2%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-45.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-47.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-56.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-68.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-79.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-88.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-94.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-48.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-50.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-59.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-70.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-81.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-89.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-94.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-50.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-53.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-61.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-71.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-81.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-89.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-95.0%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 24.80%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 30.56% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 20.36%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from -100% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect -100% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Short Sale Exposure Risk: The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock increases more than 100%. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsRiskMember_zrbcPBLzxad6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_z0eitYaeevJ4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zwvcvy730hK" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate the inverse daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective The Fund seeks daily investment results, before fees and expenses, of -2 times (-200%) the daily percentage change of the common stock of JPMorgan Chase & Co. (NYSE: JPM). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_zIvZCBFCUaS2"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zeeil7AVHLS6" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_490_20261028__20261028__oef--ClassAxis__custom--C000243810Member_zaE3qxc3HAIf" style="text-align: right">1.30</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: left; font-style: normal; font-weight: normal">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_40B_eoef--ManagementFeesOverAssets_dp_z5kX91PWlTQ4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_408_eoef--DistributionAndService12b1FeesOverAssets_dp_z2fEOHue6gd9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dp_zNYh1YwLoveh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.06</td><td style="text-align: left">%</td></tr> <tr id="xdx_404_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zlkB1FXJZ0ll" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_iT_dp_zdW5N090XJX8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--FeeWaiverOrReimbursementOverAssets_dp_z5x1EhPyGvO7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements (4)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_405_eoef--NetExpensesOverAssets_iT_dp_zwQBV1wVCxPe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0130 0.0000 0.0006 0.0003 0.0139 0.0139 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8A_eoef--ExpenseExampleWithRedemptionTableTextBlock_zWuKSzm29DIa"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_z243cYR7gvde" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_989_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000243810Member_z1qvpY0f17ki" style="width: 47%; text-align: right">145</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_985_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000243810Member_z6aFTpma64e" style="width: 47%; text-align: right">474</td><td style="width: 1%; text-align: left"> </td></tr> </table> 145 474 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet launched. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2x the inverse (-200%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately -200% of the Fund’s net asset value. The Fund aims to generate the inverse daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money put option contracts, or simultaneously buy an at-the-money put option contract and sell an at-the-money call option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each put option contract bought and receive the premium for each call option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the put and sells the call option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the inverse performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the financial services industry. JPMorgan Chase & Co. is a financial holding company. It has four segments: consumer and community banking, corporate and investment bank, commercial banking, and asset and wealth management. JPM is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by JPM pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-05805 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding JPM may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance decreases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of JPMorgan Chase & Co. The common stock of JPMorgan Chase & Co. (JPM) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by JPMorgan Chase & Co. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding JPMorgan Chase & Co. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to risks of the financial services industry. The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock operates in a heavily regulated and supervised environment. The impact interpretation, and enforcement of new rules can have major impacts on its operations. The Underlying Stock has material exposure to market, credit, and liquidity risks. The Underlying Stock relies on complex systems, and its inability to operate them accurately and timely could materially impact its ability to operate. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zSTn9oWqeyea" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the daily inverse returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate inverse daily returns. For a Fund aiming to replicate the inverse performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 17.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Inverse Fund would be expected to lose 95.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Inverse Fund can be expected to return less than -200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of the Underlying Stock. The Inverse Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td rowspan="3" style="border-top: black 1pt solid; border-right: black 1pt dotted; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap">One Year Performance of the Underlying Stock</td> <td rowspan="3" style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap">-200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td rowspan="2" style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">10%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"> </td> <td rowspan="2" style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td rowspan="2" style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">75%</td> <td rowspan="2" style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td rowspan="2" style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">125%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 47%; text-align: center">-95%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 18%; text-align: center">190%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">36110.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">31935.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">18570.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">7461.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">2021.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">292.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #DA8E86; text-align: center">-53.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">9182.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">7895.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">4554.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">1756.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">406.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-8.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-89.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">2261.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">1930.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">1074.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">367.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">23.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-78.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">962.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">810.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">421.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">108.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-45.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-90.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">500.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">415.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">196.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">15.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-69.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-94.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">286.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">230.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">89.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-25.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-80.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-96.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">168.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">130.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">31.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-48.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-97.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">98.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">69.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-62.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-90.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-98.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">51.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">29.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-26.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-71.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-98.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">2.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-41.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-77.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-2.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-52.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-81.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-95.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-84.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-96.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-32.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-42.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-67.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-87.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-96.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-42.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-51.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-89.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-97.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-50.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-57.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-76.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-90.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-97.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-56.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-79.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-92.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-62.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-67.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-81.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-66.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-71.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-83.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-70.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-74.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-73.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-77.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-95.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-200%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-74.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-78.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-95.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 24.80%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 30.56% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 20.36%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from -200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect -200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Short Sale Exposure Risk: The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock increases more than 50%. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsRiskMember_zvR9umVrnpbi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zVJ6hMg5nNPi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zuTbrmazhHX5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate -2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of The Coca-Cola Company (NYSE: KO). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A87_eoef--AnnualFundOperatingExpensesTableTextBlock_zx0mgsfo2Ali"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_z8Dw4qEdSFYe" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_49F_20261028__20261028__oef--ClassAxis__custom--C000262871Member_zYiT15nSNUDl" style="text-align: right">1.30</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: left; font-style: normal; font-weight: normal">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_40B_eoef--ManagementFeesOverAssets_dp_zhmNZCKbJS7k" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_408_eoef--DistributionAndService12b1FeesOverAssets_dp_zTIs0tHGvLj2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dp_z25NF4Ob99m3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.06</td><td style="text-align: left">%</td></tr> <tr id="xdx_404_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zhGESTDk98hd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_iT_dp_zj5QKoLZyBy4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--FeeWaiverOrReimbursementOverAssets_dp_zOjvMyGMkLva" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements (4)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_405_eoef--NetExpensesOverAssets_iT_dp_zP6Vu7zCIL99" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0130 0.0000 0.0006 0.0003 0.0139 0.0139 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8C_eoef--ExpenseExampleWithRedemptionTableTextBlock_zhY3LGCjEWGd"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zjNDyl7YaVLh" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000262871Member_zeKWYbTqXvRl" style="width: 47%; text-align: right">145</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98A_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000262871Member_zCxTiZj931F5" style="width: 47%; text-align: right">474</td><td style="width: 1%; text-align: left"> </td></tr> </table> 145 474 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet been launched. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2 times (200%) the daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 30% and 45% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transaction, which is a transaction under which the purchaser (i.e., the Fund) acquires a security and the seller agrees, at the time of the sale, to repurchase the security at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) equity or fixed income securities for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the daily performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the beverage industry. The Coca-Cola Company is a beverage company. The Company’s segments include Europe, Middle East and Africa; Latin America; North America; Asia Pacific; Global Ventures; and Bottling Investments. It sells multiple brands across several beverage categories worldwide. The Coca-Cola Company is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by The Coca-Cola Company pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-268053 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding The Coca-Cola Company may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of The Coca-Cola Company. The common stock of The Coca-Cola Company (KO) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by The Coca-Cola Company pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding The Coca-Cola Company may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the beverage industry. The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to food safety, product quality, supply chain disruptions, regulatory compliance, consumer trends, price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by the company’s significant customer losses, its inability to develop and implement new products, its reliance on third-party distributors, cybersecurity attacks and its inability to protect its intellectual property rights. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zp8H7MJtkpwh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the leveraged daily returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">200% of One Year</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif">One Year Performance of the Underlying Stock</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif">Performance of the Underlying Stock</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 47%; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 18%; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-180%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-160%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-140%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 16.97%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 20.76% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 12.64%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily leverage performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zkQOO8xymYYa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_z3ECiKq8ZE17" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions. The Fund may be required to deviate from its investment objective as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” and “Leverage Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective The Fund seeks daily investment results, before fees and expenses, of -1 time (-100%) the daily percentage change of the common stock of Lucid Group, Inc. (NYSE: LCID). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A89_eoef--AnnualFundOperatingExpensesTableTextBlock_z6VX0lmfVnOi"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zA4PgqOsdbvc" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_490_20261028__20261028__oef--ClassAxis__custom--C000243826Member_zipqvhv08BMl" style="text-align: right">0.99</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: left; font-style: normal; font-weight: normal">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_40B_eoef--ManagementFeesOverAssets_dp_zAagWioqEfe2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">0.99</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_408_eoef--DistributionAndService12b1FeesOverAssets_dp_zt7yxtkon8k5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dp_z4Lf4nhkgBK5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.06</td><td style="text-align: left">%</td></tr> <tr id="xdx_404_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zJxK4LLc7iXk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_iT_dp_zG66ZuT6clj2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.08</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--FeeWaiverOrReimbursementOverAssets_dp_zCKqSfEPwGIa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements (4)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_405_eoef--NetExpensesOverAssets_iT_dp_zIvGJoQ7Puma" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.08</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.15%. This agreement is effective until December 31, 2027 and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0099 0.0000 0.0006 0.0003 0.0108 0.0108 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A80_eoef--ExpenseExampleWithRedemptionTableTextBlock_ztDZToBpXqRd"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zNmQQGZrxkji" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_981_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000243826Member_zSlgKoT4jBK" style="width: 47%; text-align: right">113</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000243826Member_zg0vORALb28i" style="width: 47%; text-align: right">370</td><td style="width: 1%; text-align: left"> </td></tr> </table> 113 370 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet launched. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate the inverse (-100%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately -100% of the Fund’s net asset value. The Fund aims to generate the inverse daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money put option contracts, or simultaneously buy an at-the-money put option contract and sell an at-the-money call option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each put option contract bought and receive the premium for each call option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the put and sells the call option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have the inverse performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the automotive industry. Lucid Group, Inc. focuses on designing, developing, manufacturing, and selling electric vehicles (EV), EV powertrains and battery systems using its own equipment and factories. LCID is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by LCID pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-39408 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding LCID may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance decreases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Lucid Group, Inc. The common stock of Lucid Group, Inc. (LCID) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Lucid Group, Inc. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Lucid Group, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to risks of the automotive sector. The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock has a limited operating history and evaluating its prospects is difficult. The Underlying Stock has incurred net losses each year since its inception and is expected to suffer substantial losses in the coming future. It has limited control over substantial costs associated with its operations. The automotive sector industry can be highly cyclical, and companies in the industry may suffer periodic operating losses. Automotive companies can be significantly affected by labor relations and fluctuating component prices. Governmental policies affecting the automotive industry, such as taxes, tariffs, duties, subsidies, and import and export restrictions on automotive products can influence industry profitability. In addition, such companies must comply with environmental laws and regulations, for which there may be severe consequences for non-compliance. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zqdwj2Yb1Sxb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the daily inverse returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate inverse daily returns. For a Fund aiming to replicate the inverse performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Inverse Fund would be expected to lose 63.5% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Inverse Fund can be expected to return less than -100% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -100% of the performance of the Underlying Stock. The Inverse Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; text-align: center">-100% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 47%; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 18%; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">1841.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">1773.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">1468.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">1065.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">656.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">336.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">119.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">90%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">875.7%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">829.7%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">670.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">470.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">270.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">112.7%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">7.2%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">80%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">391.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">366.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">288.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">185.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">84.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">5.4%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-47.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">70%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">228.5%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">211.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">159.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">90.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">23.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-30.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-65.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">60%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">146.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">134.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">94.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">42.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-7.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-47.4%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-74.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-50%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">50%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">97.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">87.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">55.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">14.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-26.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-58.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-79.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">65.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">56.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">30.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-5.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-65.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">41.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">34.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">11.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-18.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-47.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-70.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">23.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">17.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-2.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-28.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-53.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-74.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">10.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">4.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-13.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-36.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-59.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-77.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-88.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-43.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-79.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-10.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-14.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-29.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-48.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-66.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-81.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-17.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-21.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-35.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-52.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-69.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-91.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-23.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-27.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-40.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-56.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-71.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-84.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-92.2%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-29.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-32.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-44.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-59.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-74.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-85.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-92.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-50%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-34.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-37.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-48.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-62.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-75.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-86.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-93.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-38.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-41.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-51.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-64.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-77.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-93.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-41.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-44.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-54.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-66.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-78.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-94.2%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-45.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-47.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-56.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-68.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-79.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-88.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-94.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-48.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-50.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-59.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-70.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-81.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-89.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-94.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-50.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-53.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-61.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-71.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-81.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-89.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-95.0%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 85.74%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 94.90% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was -51.35%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from -100% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect -100% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Short Sale Exposure Risk: The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock increases more than 100%. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsRiskMember_zxiUaxOphrNb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zKcg9YQ3HRm7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zNlNtxJYZNQc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate the inverse daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” above. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective The Fund seeks daily investment results, before fees and expenses, of -2 times (-200%) the daily percentage change of the common stock of Lucid Group, Inc. (NYSE: LCID). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A85_eoef--AnnualFundOperatingExpensesTableTextBlock_zdhWVy8ss6ob"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zLcnmoSRJMEb" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_493_20261028__20261028__oef--ClassAxis__custom--C000243811Member_zgkgvWt6VRJ5" style="text-align: right">1.30</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: left; font-style: normal; font-weight: normal">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_40B_eoef--ManagementFeesOverAssets_dp_zWW02kDzvsJ6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_408_eoef--DistributionAndService12b1FeesOverAssets_dp_zYYu5ctc8pY1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dp_zJDFd236hTu3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.06</td><td style="text-align: left">%</td></tr> <tr id="xdx_404_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zzzN5FPp4RXe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_iT_dp_z2UO7tGPkVkb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--FeeWaiverOrReimbursementOverAssets_dp_zvYkw66DioR1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements (4)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_405_eoef--NetExpensesOverAssets_iT_dp_zcBaEGfDCfX3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0130 0.0000 0.0006 0.0003 0.0139 0.0139 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A83_eoef--ExpenseExampleWithRedemptionTableTextBlock_zRM4GLo2gtkf"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_ztRCWRQKDA5j" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_983_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000243811Member_z6ATtgt1aRi3" style="width: 47%; text-align: right">145</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000243811Member_z0kr30pJ7Mh2" style="width: 47%; text-align: right">474</td><td style="width: 1%; text-align: left"> </td></tr> </table> 145 474 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet launched. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2x the inverse (-200%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately -200% of the Fund’s net asset value. The Fund aims to generate the inverse daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money put option contracts, or simultaneously buy an at-the-money put option contract and sell an at-the-money call option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each put option contract bought and receive the premium for each call option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the put and sells the call option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the inverse performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the automotive industry. Lucid Group, Inc. focuses on designing, developing, manufacturing, and selling electric vehicles (EV), EV powertrains and battery systems using its own equipment and factories. LCID is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by LCID pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-39408 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding LCID may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance decreases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Lucid Group, Inc. The common stock of Lucid Group, Inc. (LCID) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Lucid Group, Inc. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Lucid Group, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to risks of the automotive sector. The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock has a limited operating history and evaluating its prospects is difficult. The Underlying Stock has incurred net losses each year since its inception and is expected to suffer substantial losses in the coming future. It has limited control over substantial costs associated with its operations. The automotive sector industry can be highly cyclical, and companies in the industry may suffer periodic operating losses. Automotive companies can be significantly affected by labor relations and fluctuating component prices. Governmental policies affecting the automotive industry, such as taxes, tariffs, duties, subsidies, and import and export restrictions on automotive products can influence industry profitability. In addition, such companies must comply with environmental laws and regulations, for which there may be severe consequences for non-compliance. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zc3y0MO6ddnj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the daily inverse returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate inverse daily returns. For a Fund aiming to replicate the inverse performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 17.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Inverse Fund would be expected to lose 95.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Inverse Fund can be expected to return less than -200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of the Underlying Stock. The Inverse Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td rowspan="3" style="border-top: black 1pt solid; border-right: black 1pt dotted; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap">One Year Performance of the Underlying Stock</td> <td rowspan="3" style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap">-200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td rowspan="2" style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">10%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"> </td> <td rowspan="2" style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td rowspan="2" style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">75%</td> <td rowspan="2" style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td rowspan="2" style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">125%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 47%; text-align: center">-95%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 18%; text-align: center">190%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">36110.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">31935.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">18570.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">7461.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">2021.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">292.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #DA8E86; text-align: center">-53.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">9182.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">7895.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">4554.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">1756.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">406.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-8.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-89.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">2261.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">1930.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">1074.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">367.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">23.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-78.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">962.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">810.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">421.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">108.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-45.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-90.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">500.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">415.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">196.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">15.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-69.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-94.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">286.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">230.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">89.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-25.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-80.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-96.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">168.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">130.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">31.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-48.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-97.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">98.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">69.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-62.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-90.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-98.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">51.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">29.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-26.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-71.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-98.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">2.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-41.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-77.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-2.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-52.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-81.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-95.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-84.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-96.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-32.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-42.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-67.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-87.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-96.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-42.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-51.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-89.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-97.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-50.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-57.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-76.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-90.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-97.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-56.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-79.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-92.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-62.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-67.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-81.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-66.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-71.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-83.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-70.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-74.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-73.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-77.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-95.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-200%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-74.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-78.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-95.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 85.74%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 94.90% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was -51.35%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from -200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect -200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Short Sale Exposure Risk: The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock increases more than 50%. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Automotive Company Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to risks of the automotive sector. The automotive sector industry can be highly cyclical, and companies in the industry may suffer periodic operating losses. Automotive companies can be significantly affected by labor relations and fluctuating component prices. Developments in automotive technologies (e.g., autonomous vehicle technologies) may require significant capital expenditures that may not generate profits for several years, if ever. Automotive companies may be significantly subject to government policies and regulations regarding imports and exports of automotive products. Governmental policies affecting the automotive industry, such as taxes, tariffs, duties, subsidies, and import and export restrictions on automotive products can influence industry profitability. In addition, such companies must comply with environmental laws and regulations, for which there may be severe consequences for non-compliance. While most of the major automotive manufacturers are large companies, certain others may be non-diversified in both product line and customer base and may be more vulnerable to certain events that may negatively impact the automotive industry. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsRiskMember_zDZpH5c6rwv6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zzo3EFIaJqS4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zeOXqAmZC6B4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate -2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Eli Lilly and Co. (NYSE: LLY). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_zPR8dwMZksO7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zIRDvGBWz8X7" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_495_20261028__20261028__oef--ClassAxis__custom--C000254486Member_ziCp1MnY4dp9" style="text-align: right">1.30</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: left; font-style: normal; font-weight: normal">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_40B_eoef--ManagementFeesOverAssets_dp_zxtfcPF96It9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_408_eoef--DistributionAndService12b1FeesOverAssets_dp_zNJoHlIqHaQ4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dp_zI9tVZqp7NSe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.06</td><td style="text-align: left">%</td></tr> <tr id="xdx_404_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zkBwXBgT6fj1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_iT_dp_zXRY3gt7Vvjh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--FeeWaiverOrReimbursementOverAssets_dp_z5fUvQQcd859" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements (4)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_405_eoef--NetExpensesOverAssets_iT_dp_zaFQTpV9dUX7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0130 0.0000 0.0006 0.0003 0.0139 0.0139 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A88_eoef--ExpenseExampleWithRedemptionTableTextBlock_z8dDMla8FAB8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zp7YoILzpZuc" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_985_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000254486Member_zFj9qghIg7v7" style="width: 47%; text-align: right">145</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_981_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000254486Member_zgD91NFZSjU3" style="width: 47%; text-align: right">474</td><td style="width: 1%; text-align: left"> </td></tr> </table> 145 474 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet been launched. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2 times (200%) the daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the daily performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the pharmaceutical industry. Eli Lilly and Co. is engaged in the drug manufacturing businesses. It discovers, develops, manufactures and markets products in the human pharmaceutical products segment. LLY is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by LLY pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-06351 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding LLY may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Eli Lilly Co. The common stock of Eli Lilly Co. (LLY) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Eli Lilly Co. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Eli Lilly Co. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the pharmaceutical industry. Pharmaceutical research and development are very costly and highly uncertain; the Underlying Stock may not succeed in developing, licensing, or acquiring commercially successful products sufficient in number or value to replace revenues of products that have lost or will lose intellectual property protection or are displaced by competing products or therapies. The Underlying Stock and its products face intense competition from multinational pharmaceutical companies, biotechnology companies, and lower-cost generic and biosimilar manufacturers, and such competition could have a material adverse effect on the Underlying Stock’s business. The Underlying Stock’s business is subject to increasing government price controls and other public and private restrictions on pricing, reimbursement, and access for the Underlying Stock’s drugs, which could have a material adverse effect on the Underlying Stock’s results of operations, reputation or business. Pharmaceutical products can develop safety or efficacy concerns, which could have a material adverse effect on Underlying Stock’s revenues, income, and reputation. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_z579FIxkCyL" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the leveraged daily returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">200% of One Year</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Performance of the Underlying Stock</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 38%; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 20%; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-180%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-160%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-140%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 33.39%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 43.28% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 36.29%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_z1XIZpc8K6je" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zBnakiJYKYBk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions. The Fund may be required to deviate from its investment objective as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” and “Leverage Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective The Fund seeks daily investment results, before fees and expenses, of -2 times (-200%) the daily percentage change of the common stock of Eli Lilly and Co. (NYSE: LLY). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A8D_eoef--AnnualFundOperatingExpensesTableTextBlock_zxUbxM2dagu"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zafuKTTPpEyk" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_491_20261028__20261028__oef--ClassAxis__custom--C000254501Member_zXq5MODa7kh8" style="text-align: right">1.30</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: left; font-style: normal; font-weight: normal">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_40B_eoef--ManagementFeesOverAssets_dp_znl7Tbb7IXE7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_408_eoef--DistributionAndService12b1FeesOverAssets_dp_zjMnwFejccEj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dp_zkkOgH3un8Vd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.06</td><td style="text-align: left">%</td></tr> <tr id="xdx_404_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zSnxYHcmevg3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_iT_dp_zHdg2woY98hd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--FeeWaiverOrReimbursementOverAssets_dp_zzzMig2PlEC9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements (4)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_405_eoef--NetExpensesOverAssets_iT_dp_zOR1kqxmcE8k" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0130 0.0000 0.0006 0.0003 0.0139 0.0139 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A87_eoef--ExpenseExampleWithRedemptionTableTextBlock_z4LbtQIBnSvh"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zrGr4M3FpOXh" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000254501Member_zksAMaAdMA1f" style="width: 47%; text-align: right">145</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000254501Member_zFHIsr6JyQr6" style="width: 47%; text-align: right">474</td><td style="width: 1%; text-align: left"> </td></tr> </table> 145 474 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet been launched. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate -2 times (-200%) the daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately -200% of the Fund’s net asset value. The Fund aims to generate 2 times the inverse daily performance of the Underlying Stock in a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money put option contracts, or simultaneously buy an at-the-money put option contract and sell an at-the-money call option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each put option contract bought and receive the premium for each call option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the put and sells the call option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the inverse performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the pharmaceutical industry. Eli Lilly and Co. is engaged in the drug manufacturing businesses. It discovers, develops, manufactures and markets products in the human pharmaceutical products segment. LLY is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by LLY pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-06351 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding LLY may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance decreases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Eli Lilly Co. The common stock of Eli Lilly Co. (LLY) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Eli Lilly Co. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Eli Lilly Co. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the pharmaceutical industry. Pharmaceutical research and development are very costly and highly uncertain; the Underlying Stock may not succeed in developing, licensing, or acquiring commercially successful products sufficient in number or value to replace revenues of products that have lost or will lose intellectual property protection or are displaced by competing products or therapies. The Underlying Stock and its products face intense competition from multinational pharmaceutical companies, biotechnology companies, and lower-cost generic and biosimilar manufacturers, and such competition could have a material adverse effect on the Underlying Stock’s business. The Underlying Stock’s business is subject to increasing government price controls and other public and private restrictions on pricing, reimbursement, and access for the Underlying Stock’s drugs, which could have a material adverse effect on the Underlying Stock’s results of operations, reputation or business. Pharmaceutical products can develop safety or efficacy concerns, which could have a material adverse effect on Underlying Stock’s revenues, income, and reputation. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zqeUahFggCS4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the daily inverse returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate inverse daily returns. For a Fund aiming to replicate the inverse performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 17.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Inverse Fund would be expected to lose 95.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Inverse Fund can be expected to return less than -200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of the Underlying Stock. The Inverse Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; text-align: center">-200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 38%; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 20%; text-align: center">190%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">36110.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">31935.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">18570.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">7461.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">2021.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">292.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #DA8E86; text-align: center">-53.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">9182.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">7895.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">4554.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">1756.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">406.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-8.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-89.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">2261.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">1930.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">1074.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">367.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">23.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-78.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">962.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">810.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">421.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">108.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-45.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-90.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">500.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">415.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">196.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">15.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-69.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-94.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">286.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">230.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">89.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-25.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-80.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-96.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">168.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">130.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">31.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-48.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-97.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">98.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">69.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-62.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-90.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-98.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">51.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">29.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-26.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-71.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-98.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">2.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-41.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-77.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-2.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-52.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-81.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-95.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-84.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-96.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-32.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-42.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-67.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-87.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-96.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-42.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-51.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-89.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-97.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-50.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-57.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-76.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-90.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-97.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-56.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-79.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-92.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-62.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-67.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-81.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-66.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-71.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-83.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-70.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-74.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-73.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-77.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-95.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-200%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-74.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-78.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-95.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 33.39%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 43.28% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 36.29%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from -200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect -200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Short Sale Exposure Risk: The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock increases more than 50%. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_z9nveADdiCac" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zCQ8uWavKiff" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate -2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of MARA Holdings Inc. (NASDAQ: MARA). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A8D_eoef--AnnualFundOperatingExpensesTableTextBlock_zyMKVcpL6Yif"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zO6DkrTJoink" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Management Fee</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_49E_20261028__20261028__oef--ClassAxis__custom--C000258301Member_zoObP5zqPWZb" style="font: 10pt Times New Roman, Times, Serif; text-align: right">1.30</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="4" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr id="xdx_40B_eoef--ManagementFeesOverAssets_dp_z44qDgfegyih" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 80%; text-align: left">Management Fee</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right">1.30</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">%</td></tr> <tr id="xdx_408_eoef--DistributionAndService12b1FeesOverAssets_dp_zUXfudRD6nZ4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Distribution and/or Service (12b-1) Fees</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.00</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dp_zM1rp05nmWxg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Other Expenses (1)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.15</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr id="xdx_409_ecustom--RecoupmentOfPreviouslyWaivedExpenses_dp_zQjsVjqStcyk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Recoupment of previously waived expenses</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.03</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr id="xdx_404_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zKOSxdzxCDQc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">Acquired Fund Fees and Expenses (2)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0.03</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_iT_dp_zNebjqY0jwj3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">Total Annual Fund Operating Expenses (3)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1.51</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--FeeWaiverOrReimbursementOverAssets_dp_zTgO79FA3xC5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">Fee Waiver/Reimbursements/Fees Paid Indirectly (4), (5)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-0.06</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_405_eoef--NetExpensesOverAssets_iT_dp_zyFjbhKD1qc2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4), (5)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1.45</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are based on actual amounts incurred during the Fund’s fiscal period ended June 30, 2026 which includes Interest Expense of 0.04% related to margin posted by the swap counterparties.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s fiscal year ending June 30, 2027.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_F0E_zeuYIcctciG5" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(5)</td> <td id="xdx_F1F_zqT20hTyZlGb" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The Funds’ have a fee arrangement with its custodian which provides for custody fees to be reduced by Create/Redeem credits received by the custodian from Authorized Participants.</td></tr> </table> 0.0130 0.0000 0.0015 0.0003 0.0003 0.0151 -0.0006 0.0145 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A89_eoef--ExpenseExampleWithRedemptionTableTextBlock_z6TUEr2uP2B1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zKqF0H0xMGq6" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">5 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">10 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000258301Member_zaCA5cYSSAm" style="width: 22%; text-align: right">148</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_986_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000258301Member_ziWBgKpddgOl" style="width: 22%; text-align: right">471</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_eoef--ExpenseExampleYear05_c20261028__20261028__oef--ClassAxis__custom--C000258301Member_z2J9mwnG0WP1" style="width: 22%; text-align: right">818</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_eoef--ExpenseExampleYear10_c20261028__20261028__oef--ClassAxis__custom--C000258301Member_zexjyeWMKlZ2" style="width: 22%; text-align: right">1,794</td><td style="width: 1%; text-align: left"> </td></tr> </table> 148 471 818 1794 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio, since the Fund invested only in instruments that are excluded from portfolio turnover rate calculations. However, if the Fund’s use of derivatives were reflected, the Fund’s portfolio turnover rate would be higher. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2 times (200%) the daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the daily performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the digital asset and cryptocurrency mining industry. MARA Holdings Inc. is a digital asset compute technology which engages in mining cryptocurrencies, with a focus on the blockchain ecosystem and the generation of digital assets. MARA Holdings Inc. is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by MARA Holdings Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-277498 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding MARA Holdings Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. Additional Information on Bitcoin Bitcoin is a digital asset that is created and transmitted through the operations of the online, peer-to-peer Bitcoin network, a decentralized network of computers that operates on cryptographic protocols. The ownership of bitcoin is determined by participants in the Bitcoin network. The Bitcoin network connects computers that run publicly accessible, or “open source,” software that follows the rules and procedures governing the Bitcoin network. This is commonly referred to as the Bitcoin Protocol. Bitcoin, the asset, plays a key role in the operation of the Bitcoin network, as the computers (or “miners”) that process transactions on the network and maintain the network’s security are compensated through the issuance of new bitcoin and through transaction fees paid by users in bitcoin. No single entity owns or operates the Bitcoin network. Bitcoin is not issued by any government, by banks or similar organizations. The infrastructure of the Bitcoin network is collectively maintained by a decentralized user base. The Bitcoin network is accessed through software, and software governs the creation, movement, and ownership of “bitcoin,” the unit of account on the Bitcoin network ledger. The value of bitcoin is determined, in part, by the supply of, and demand for, bitcoin in the global markets for trading bitcoin, market expectations for the adoption of bitcoin as a decentralized store of value, the number of merchants and/or institutions that accept bitcoin as a form of payment and the volume of private end-user-to-end-user transactions. Bitcoin transaction and ownership records are reflected on the “Bitcoin blockchain,” which is a digital public record or ledger. Copies of this ledger are stored in a decentralized manner on the computers of each Bitcoin network node (a node is any user who maintains on their computer a full copy of all the bitcoin transaction records, the blockchain, as well as related software). Transaction data is permanently recorded in files called “blocks,” which reflect transactions that have been recorded and authenticated by Bitcoin network participants. The Bitcoin network software source code includes protocols that govern the creation of new bitcoin and the cryptographic system that secures and verifies bitcoin transactions. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of MARA Holdings Inc. The common stock of MARA Holdings Inc. (MARA) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by MARA Holdings Inc. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding MARA Holdings Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the digital asset and cryptocurrency mining industry. The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by the price and trading volume of Bitcoin and other cryptocurrencies, increases in Bitcoin network mining difficulty, rising energy costs, regulatory actions targeting cryptocurrency mining, technological developments in mining hardware, and environmental concerns related to the energy-intensive nature of cryptocurrency mining. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--DelaysInReceiptOfHardwareDueToCustomInspectionsRisksMember_zaywzlveee8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Delays in Receipt of Hardware Due to Customs Inspections Risk: Custom inspections can lead to delivery delays, potentially causing issues like supply chain disruptions, missed delivery schedules, and unsatisfied customers, as well as potentially leading to additional fees and inventory shortages. Bitcoin Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to risks associated with bitcoin. Investing in bitcoin exposes to significant risks that are not typically present in other investments. These risks include the uncertainty surrounding new technology, limited evaluation due to bitcoin’s short trading history, and the potential decline in adoption and value over the long term. The extreme volatility of bitcoin’s price is also a risk factor. Regulatory uncertainties, such as potential government interventions and conflicting regulations across jurisdictions, can impact the demand for bitcoin and restrict its usage. Bitcoin is not presently widely accepted as a medium of exchange, which may be due to a number of common impediments and/or disadvantages to adopting the Bitcoin Network as a payment network, including the slowness of transaction processing and finality, variability of transaction fees, and volatility of the price of bitcoin. Additionally, risks associated with the sale of newly mined bitcoin, bitcoin trading platforms, competition from alternative digital assets, mining operations, network modifications, and intellectual property claims pose further challenges to bitcoin-linked investments. The value of bitcoin has been, may continue to be, substantially dependent on speculation, such that trading and investing in these assets generally may not be based on fundamental analysis. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. Bitcoin Halving. While bitcoin prices have historically increased around halving events (a process designed to control the overall supply and reduce the risk of inflation in bitcoin, which uses a proof-of-work consensus algorithm and results in the mining reward being cut in half) there is no guarantee that the price change will be favorable or would compensate for the reduction in mining rewards. If a corresponding and proportionate increase in the price of Bitcoin does not follow future halving events, the revenue RIOT earns from its bitcoin mining operations would see a decrease, which could have a material adverse effect on RIOT’s results of operations and financial condition. Hash Rate and Difficulty. As demand for bitcoin has increased, the global network hash rate (i.e., the aggregate amount of computing power devoted to supporting the bitcoin blockchain at a given time) has increased rapidly, and as greater adoption of bitcoin occurs, it is expected that demand for new bitcoin will likewise increase as more mining companies are drawn into the industry by this increased demand. Further, as a greater number of increasingly powerful miners have been deployed, the network difficulty for bitcoin has consequently also increased. A high difficulty means that more computing power will be required in order to solve a block and earn a new bitcoin reward, which, in turn, makes the bitcoin network more secure by limiting the possibility of one miner or mining pool gaining control of the network. Therefore, as new and existing miners deploy additional hash rate, the global network hash rate will continue to increase, meaning a miner’s share of the global network hash rate (and therefore its chance of earning bitcoin rewards) will decline if it fails to deploy additional hash rate at pace with the industry. If an effort to grow the hash rate, results in the inability to complete planned expansions on schedule and within anticipated cost estimates, deployment of newly purchased miners may be delayed, which could affect its competitiveness and results of operation, which could have a material adverse effect on the Underlying Stock’s financial condition and market price for its securities. Blockchain Risk: Blockchain companies may be adversely impacted by government regulations or economic conditions. Blockchain technology is new and its uses are in many cases untested or unclear. These companies may also have significant exposure to fluctuations in the spot prices of digital assets, particularly to the extent that demand for a company’s hardware or services may increase as the spot price of digital assets increase. Blockchain companies typically face intense competition and potentially rapid product obsolescence. In addition, many Blockchain companies store sensitive consumer information and could be the target of cybersecurity attacks and other types of theft, which could have a negative impact on these companies. Access to a given blockchain may require a specific cryptographic key (in effect a string of characters granting unique access to initiate transactions related to specific digital assets) or set of keys, the theft, loss, or destruction of which, either by accident or as a result of the efforts of a third party, could irrevocably impair a claim to the digital assets stored on that blockchain. Many Blockchain companies currently operate under less regulatory scrutiny than traditional financial services companies and banks, but there is significant risk that regulatory oversight could increase in the future. Higher levels of regulation could increase costs and adversely impact the current business models of some Blockchain companies. For example, restrictions imposed by foreign governments, including China, on the use and mining of digital assets, may adversely impact Blockchain Companies and in turn the Fund. These companies could be negatively impacted by disruptions in service caused by hardware or software failure, or by interruptions or delays in service by third-party data center hosting facilities and maintenance providers. Blockchain companies involved in digital assets may face slow adoption rates and be subject to higher levels of regulatory scrutiny in the future, which could severely impact the viability of these companies. Blockchain companies, especially smaller companies, tend to be more volatile than companies that do not rely heavily on technology. The customers and/or suppliers of Blockchain companies may be concentrated in a particular country, region or industry. Any adverse event affecting one of these countries, regions or industries could have a negative impact on Blockchain companies. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_znu8ajqQUyUe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the leveraged daily returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">200% of One Year</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif">One Year Performance of the Underlying Stock</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif">Performance of the Underlying Stock</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 45%; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 20%; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-180%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-160%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-140%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 107.88%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 137.87% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was -23.53%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily leverage performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--DelaysInReceiptOfHardwareDueToCustomInspectionsRiskMember_zM5fvZMNoiE1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Delays in Receipt of Hardware Due to Customs Inspections Risk: Custom inspections can lead to delivery delays, potentially causing issues like supply chain disruptions, missed delivery schedules, and unsatisfied customers, as well as potentially leading to additional fees and inventory shortages. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_z8TytCIf1owf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zs6qTzr4g8r3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions. The Fund may be required to deviate from its investment objective as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” and “Leverage Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: The Fund has not yet completed a full calendar year as of the date of this prospectus and therefore does not have a performance history for a full calendar year. Once available, the Fund’s performance information will be accessible on the Fund’s website at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_90A_eoef--PerformanceAvailabilityWebSiteAddress_c20261028__20261028__dei--LegalEntityAxis__custom--S000090912Member_zYjwtu2RdtIb">www.graniteshares.com and will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance and by showing how the Fund’s returns compare with those of a broad measure of market performance. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_903_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000090912Member_zH0yAOPsEqI8">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.graniteshares.com The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of McDonald’s Corporation (NYSE: MCD). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A8F_eoef--AnnualFundOperatingExpensesTableTextBlock_z9kJlu7HdQie"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zMnJHGtG7flb" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Management Fee</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_491_20261028__20261028__oef--ClassAxis__custom--C000262872Member_zgUkagXB63c1" style="font: 10pt Times New Roman, Times, Serif; text-align: right">1.30</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="4" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr id="xdx_40B_eoef--ManagementFeesOverAssets_dp_z93GHqo9JvUa" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 80%; text-align: left">Management Fee</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right">1.30</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">%</td></tr> <tr id="xdx_408_eoef--DistributionAndService12b1FeesOverAssets_dp_zdlSvbuw6oc8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Distribution and/or Service (12b-1) Fees</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.00</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dp_zYSW2rFqjXL4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Other Expenses (1)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.06</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr id="xdx_404_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zZmCLInqMkdd" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">Acquired Fund Fees and Expenses (2)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0.03</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_iT_dp_zFJh6MPU47W5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">Total Annual Fund Operating Expenses (3)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1.39</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--FeeWaiverOrReimbursementOverAssets_dp_ztysCQEwLZn" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">Fee Waiver/Reimbursements (4)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_405_eoef--NetExpensesOverAssets_iT_dp_zjssTSmRkGga" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1.39</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0130 0.0000 0.0006 0.0003 0.0139 0.0139 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A81_eoef--ExpenseExampleWithRedemptionTableTextBlock_zy6xfqxXoTp9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zLpTuPoRExSc" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 60%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000262872Member_zY0TNqfCkGoa" style="width: 47%; text-align: right">145</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000262872Member_zNzfrPO8E5Ab" style="width: 47%; text-align: right">474</td><td style="width: 1%; text-align: left"> </td></tr> </table> 145 474 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet been launched. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2 times (200%) the daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock in a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 30% and 45% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transaction, which is a transaction under which the purchaser (i.e., the Fund) acquires a security and the seller agrees, at the time of the sale, to repurchase the security at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) equity or fixed income securities for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the daily performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the consumer discretionary industry. McDonald’s Corporation is a global foodservice retailer. McDonald’s Corporation is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by McDonald’s Corporation pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-281501 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding McDonald’s Corporation may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of McDonald’s Corporation The common stock of McDonald’s Corporation is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by McDonald’s Corporation pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding McDonald’s Corporation may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the consumer discretionary industry. The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including but are not limited to overall domestic and global economy, interest rates, competition and consumer confidence. Success depends heavily on disposable household income and consumer spending. Also, companies in the consumer discretionary sector may be subject to severe competition, which may have an adverse impact on their respective profitability. Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer products and services in the marketplace. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zv0OCrrTGLH6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the leveraged daily returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid"> 10%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">25%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">50%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">75%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">100%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">125%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 45%; border-left: black 1pt solid; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 20%; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-180%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-160%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-140%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-120%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-50%</td> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-100%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 18.02%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 20.62% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 4.30%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 150% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 150% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily leverage performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zGH496TVtsNc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_z52yUBb34v26" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objective as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” and “Leverage Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Mercado Libre, Inc. (Nasdaq: MELI). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A86_eoef--AnnualFundOperatingExpensesTableTextBlock_zzlGIOyFA4Dc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_znbUv1JGO8mb" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Management Fee</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_497_20261028__20261028__oef--ClassAxis__custom--C000262873Member_zxKBr9JVm2T5" style="font: 10pt Times New Roman, Times, Serif; text-align: right">1.30</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="4" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_zdy91RRnuyk4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 80%; text-align: left">Management Fee</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right">1.30</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_zOhILmbavmll" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Distribution and/or Service (12b-1) Fees</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.00</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp_zvn3ahmYWlz2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Other Expenses (1)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.06</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zJYXCaFhd1lk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">Acquired Fund Fees and Expenses (2)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0.03</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_iT_dp_z8YGuaBKyGg8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">Total Annual Fund Operating Expenses (3)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1.39</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dp_za2eHIp8xsil" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">Fee Waiver/Reimbursements (4)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_iT_dp_zi1cyGqsdCCg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1.39</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0130 0.0000 0.0006 0.0003 0.0139 0.0139 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8B_eoef--ExpenseExampleWithRedemptionTableTextBlock_zWADeCrSx6Ab"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zhwkhwQxuPvd" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 60%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000262873Member_zWyE491XXx8h" style="width: 47%; text-align: right">145</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000262873Member_zg2Obll75UZb" style="width: 47%; text-align: right">474</td><td style="width: 1%; text-align: left"> </td></tr> </table> 145 474 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet been launched. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2 times (200%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock in a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 30% and 45% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transaction, which is a transaction under which the purchaser (i.e., the Fund) acquires a security and the seller agrees, at the time of the sale, to repurchase the security at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) equity or fixed income securities for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the daily performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the e-commerce industry. Mercado Libre, Inc, is a Uruguay-based e-commerce business facilitator of Argentinian origins. The e-commerce products enable retail and wholesale via Internet platforms designed to provide users with a portfolio of services to facilitate commercial transactions. Mercado Libre, Inc, is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Mercado Libre, Inc, pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-251835 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Mercado Libre, Inc, may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Mercado Libre, Inc, The common stock of Mercado Libre, Inc, is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Mercado Libre, Inc, pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Mercado Libre, Inc, may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the e-commerce industry. The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by the company’s ability to expand into new products, services or technologies, increased competition in the e-commerce industry, successfully operate its fulfillment and data centers, cybersecurity attacks, changes in supplier relationships, demand for certain consumer products, product liability issues, changes in tax liability and evolving government regulations. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zCcB7OnxXIP2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the daily leverage returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate daily leverage returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid"> 10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">25%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">50%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">75%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">100%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">125%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 45%; border-left: black 1pt solid; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 20%; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-180%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-160%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-140%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-120%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-50%</td> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-100%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 50.31%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 79.62% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 0.42%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zdDQjYpxfyZ2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zWnXTmKIWbEe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” and “Leverage Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Meta Platforms, Inc. Class A (NASDAQ: META). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A80_eoef--AnnualFundOperatingExpensesTableTextBlock_zYI1ZLznnMB3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zwnnzKgX1ls" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_49A_20261028__20261028__oef--ClassAxis__custom--C000236086Member_zyBsM6Ml5g7h" style="text-align: right">0.99</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_zjRw3dS4Z4Hh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">0.99</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_zp8qno7Pux14" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp_zcG4rZbWh948" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.06</td><td style="text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zqTh4rqq8Em1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_iT_dp_zZAXga65JNX3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.08</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dp_zHTcJVtWjBmb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements/Fees Paid Indirectly (4), (5)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_iT_dp_zWYBDTZhPSIl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4), (5)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.05</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are based on actual amounts incurred during the Fund’s fiscal period ended June 30, 2026.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s fiscal year ending June 30, 2027.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.15%. This agreement is effective until December 31, 2027 and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_F0B_zmn1MAfF12yj" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(5)</td> <td id="xdx_F14_zYdEWU47m9Yj" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The Funds’ have a fee arrangement with its custodian which provides for custody fees to be reduced by Create/Redeem credits received by the custodian from Authorized Participants.</td></tr> </table> 0.0099 0.0000 0.0006 0.0003 0.0108 -0.0003 0.0105 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A82_eoef--ExpenseExampleWithRedemptionTableTextBlock_zdiyNQoNpoZb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zS3pzNWORIe5" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">5 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">10 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000236086Member_z2UhQm7FLeJ7" style="width: 26%; text-align: right">107</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000236086Member_zrsT3Bm9Wlq4" style="width: 20%; text-align: right">340</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_eoef--ExpenseExampleYear05_c20261028__20261028__oef--ClassAxis__custom--C000236086Member_zDghtpzSI2Q8" style="width: 20%; text-align: right">592</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eoef--ExpenseExampleYear10_c20261028__20261028__oef--ClassAxis__custom--C000236086Member_z8gBH7fU2wc9" style="width: 20%; text-align: right">1,313</td><td style="width: 1%; text-align: left"> </td></tr> </table> 107 340 592 1313 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio, since the Fund invested only in instruments that are excluded from portfolio turnover rate calculations. However, if the Fund’s use of derivatives were reflected, the Fund’s portfolio turnover rate would be higher. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2 times (200%) the daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and Flexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the daily performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the Computer Programming industry. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Meta Platforms Inc. The common stock of Meta Platforms Inc. (FB) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Meta Platforms Inc. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Meta Platforms Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the social media and computer programming sector. The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by the company’s ability to add and retain users of its social media products, disruption in service caused by hardware or software failure, interruptions or delays in service by third-party data center hosting facilities and maintenance providers, security breaches involving certain private, sensitive, proprietary and confidential information its ability to enforce its intellectual property rights and increased competition in the social and digital media space. Additionally, the collection of data from consumers and other sources could face increased scrutiny as regulators consider how the data is collected, stored, safeguarded and used. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_ziBDTjhylALf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the leveraged daily returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"> 10%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">25%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">50%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">75%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">100%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">125%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 47%; border-left: black 1pt solid; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 18%; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-180%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-160%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-140%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; background-color: white; text-align: center">-120%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-50%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; background-color: white; text-align: center">-100%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 45.58%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 69.50% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 8.61%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Social Media and Computer Programming Company Riss: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the social media and computer programming sector. Such companies provide social networking, file sharing, and other web-based media applications. The risks related to investing in such companies include disruption in service caused by hardware or software failure, interruptions or delays in service by third-party data center hosting facilities and maintenance providers, security breaches involving certain private, sensitive, proprietary and confidential information managed and transmitted by social media companies, and privacy concerns and laws, evolving Internet regulation and other foreign or domestic regulations that may limit or otherwise affect the operations of such companies. Additionally, the collection of data from consumers and other sources could face increased scrutiny as regulators consider how the data is collected, stored, safeguarded and used. Furthermore, the business models employed by the companies in the social media and computer programming industries may not prove to be successful. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” and “Leverage Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: The following performance information indicates some of the risks of investing in the Fund. The bar chart shows the Fund’s performance from year to year. The table illustrates how the Fund’s average annual returns for the 1-year and since inception periods compared with those of a broad measure of market performance. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_907_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000076340Member_zwajZ1D8vc5e">The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Updated performance information is also available on the Fund’s website at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_90A_eoef--PerformanceAvailabilityWebSiteAddress_c20261028__20261028__dei--LegalEntityAxis__custom--S000076340Member_zRzbCVeMrKqj">www.graniteshares.com or by calling the Fund toll free at 844-476-8747. <img alt="" src="form485bpos_pg561.jpg"/> During the periods shown in the bar chart above, the Fund’s highest quarterly return was 123.64% (quarter ended March 31, 2023) and the Fund’s lowest quarterly return was -23.51% (quarter ended December 31, 2025). The calendar year-to-date total return of the Fund as of September 30, 2026, was -2.36%. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future www.graniteshares.com 844-476-8747 highest quarterly return 1.2364 2023-03-31 lowest quarterly return 0.2351 2025-12-31 year-to-date total return 2026-09-30 0.0236 Average Annual Total Returns for the Periods Ended December 31, 2025 <div id="xdx_A8B_eoef--PerformanceTableTextBlock_zzo4XTVhee53"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_z2B2HMXkYEfk" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20250701__20260630__dei--LegalEntityAxis__custom--S000076340Member_zSobs9Jmhr5b" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20221212__20221212__dei--LegalEntityAxis__custom--S000076340Member_zSmc9U8hprJ" style="border-bottom: Black 1pt solid; text-align: center">Since Inception (12/12/2022)</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_zBXz4wacywX8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; width: 60%; text-align: left; padding-bottom: 1pt">Return Before Taxes</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 16%; text-align: right">0.84</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">%</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 16%; text-align: right">112.81</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zNi2O6adwrIc" style="vertical-align: bottom; background-color: White"> <td style="text-decoration: underline; text-align: left; padding-bottom: 1pt">Return After Taxes on Distributions</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.15</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">102.30</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zeCcjklT5zkb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; text-align: left; padding-bottom: 1pt">Return After Taxes on Distributions and Sale of Fund Shares</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.65</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">89.50</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500TotalReturnIndexMember_z76HBDp1dILl" style="vertical-align: bottom; background-color: White"> <td style="text-decoration: underline; text-align: left; padding-bottom: 1pt">S&P 500 (no fees, expenses, or taxes applied)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">17.88</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">21.07</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> </table> 2022-12-12 0.0084 1.1281 0.0015 1.0230 0.0065 0.8950 0.1788 0.2107 Investment Objective The Fund seeks daily investment results, before fees and expenses, of -1 time (-100%) the daily percentage change of the common stock of Meta Platforms, Inc. Class A (NASDAQ: META). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A86_eoef--AnnualFundOperatingExpensesTableTextBlock_zl0Ycv9cZuh9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zwdaCJQEJDKa" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Management Fee</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_49E_20261028__20261028__oef--ClassAxis__custom--C000243827Member_z55VTvGCZzh2" style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.99</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="4" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_zAdNVAymLi0a" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 80%; text-align: left">Management Fee</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right">0.99</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_z6c2BI8q0st7" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Distribution and/or Service (12b-1) Fees</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.00</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp_z9Dz0sBaa85d" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Other Expenses (1)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.06</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zlAx6T3oAXGl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">Acquired Fund Fees and Expenses (2)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0.03</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_iT_dp_zgKBdJed18hc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">Total Annual Fund Operating Expenses (3)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1.08</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dp_zTQfHAnGZof1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">Fee Waiver/Reimbursements (4)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_iT_dp_zNeyuOPnzhP" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1.08</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.15%. This agreement is effective until December 31, 2027 and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0099 0.0000 0.0006 0.0003 0.0108 0.0108 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8A_eoef--ExpenseExampleWithRedemptionTableTextBlock_z717mjKuTREg"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zQlSQ4oGEs26" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 60%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000243827Member_zYUHOph5t9cf" style="width: 47%; text-align: right">113</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_989_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000243827Member_zx21FQn7jKrk" style="width: 47%; text-align: right">370</td><td style="width: 1%; text-align: left"> </td></tr> </table> 113 370 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet launched. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate the inverse (-100%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately -100% of the Fund’s net asset value. The Fund aims to generate the inverse daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money put option contracts, or simultaneously buy an at-the-money put option contract and sell an at-the-money call option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each put option contract bought and receive the premium for each call option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the put and sells the call option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have the inverse performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the computer programming industry. Meta Platforms, Inc. builds technologies that help people connect, find communities, and grow businesses. META is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by META pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-3551 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding META may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance decreases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Meta Platforms Inc. The common stock of Meta Platforms Inc. (META) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Meta Platforms Inc. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Meta Platforms Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the social media and computer programming sector. The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by the company’s ability to add and retain users of its social media products, disruption in service caused by hardware or software failure, interruptions or delays in service by third-party data center hosting facilities and maintenance providers, security breaches involving certain private, sensitive, proprietary and confidential information its ability to enforce its intellectual property rights and increased competition in the social and digital media space. Additionally, the collection of data from consumers and other sources could face increased scrutiny as regulators consider how the data is collected, stored, safeguarded and used. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zLhQ8r3Jl5Qc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the daily inverse returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate inverse daily returns. For a Fund aiming to replicate the inverse performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Inverse Fund would be expected to lose 63.5% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Inverse Fund can be expected to return less than -100% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -100% of the performance of the Underlying Stock. The Inverse Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; text-align: center">-100% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"> 10%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">25%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">50%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">75%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">100%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">125%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 47%; border-left: black 1pt solid; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 18%; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">1841.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">1773.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">1468.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">1065.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">656.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">336.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">119.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">90%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">875.7%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">829.7%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">670.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">470.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">270.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">112.7%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #DA8E86; text-align: center">7.2%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">80%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">391.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">366.3%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">288.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">185.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">84.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">5.4%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #DA8E86; text-align: center">-47.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">70%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">228.5%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">211.9%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">159.3%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">90.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">23.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-30.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #DA8E86; text-align: center">-65.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; background-color: white; text-align: center">60%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">146.9%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">134.3%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">94.8%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #DA8E86; text-align: center">42.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-7.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-47.4%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #DA8E86; text-align: center">-74.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-50%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; background-color: white; text-align: center">50%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">97.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">87.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">55.9%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">14.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-26.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-58.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-79.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">65.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">56.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">30.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-5.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-65.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-82.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">41.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">34.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">11.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-18.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-47.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-70.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">23.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">17.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-2.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-28.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-53.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-74.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-87.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">10.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">4.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-13.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-36.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-59.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-77.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-88.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-43.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-63.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-79.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-90.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-10.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-14.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-29.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-48.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-66.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-81.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-90.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-17.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-21.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-35.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-52.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-69.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-82.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-91.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-23.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-27.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-40.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-56.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-71.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-84.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-92.2%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-29.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-32.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-44.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-59.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-74.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-85.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-92.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-50%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-34.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-37.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-48.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-62.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-75.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-86.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-93.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-38.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-41.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-51.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-64.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-77.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-87.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-93.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-41.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-44.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-54.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-66.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-78.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-87.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-94.2%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-45.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-47.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-56.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-68.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-79.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-88.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-94.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-48.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-50.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-59.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-70.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-81.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-89.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-94.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-50.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-53.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-61.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-71.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-81.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-89.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-95.0%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 45.58%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 69.50% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 8.61%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from -100% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect -100% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Short Sale Exposure Risk: The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock increases more than 100%. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsRiskMember_z6Y5zBsS6vs8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zsX0VVyjgQF4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zZ7Y3DkatfNd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate the inverse daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_909_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000081156Member_zflpP7X7izSl">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus Investment Objective The Fund seeks daily investment results, before fees and expenses, of -2 times (-200%) the daily percentage change of the common stock of Meta Platforms, Inc. Class A (NASDAQ: META). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_zGiOL6kPNhh3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zv4y1ob38Tv7" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Management Fee</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_492_20261028__20261028__oef--ClassAxis__custom--C000243812Member_zwmxPWm7brP9" style="font: 10pt Times New Roman, Times, Serif; text-align: right">1.30</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="4" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_zfilCCdSPW9a" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 80%; text-align: left">Management Fee</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right">1.30</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_z5q35C2g9hYd" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Distribution and/or Service (12b-1) Fees</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.00</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp_zp0RxWlAiI9b" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Other Expenses (1)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.06</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_z5dubCohhG9l" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">Acquired Fund Fees and Expenses (2)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0.03</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_iT_dp_zZPyB2YUyoml" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">Total Annual Fund Operating Expenses (3)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1.39</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dp_zDwxP4wSYFDj" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">Fee Waiver/Reimbursements (4)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_iT_dp_zbdlfGgEs6Ue" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1.39</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0130 0.0000 0.0006 0.0003 0.0139 0.0139 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8C_eoef--ExpenseExampleWithRedemptionTableTextBlock_zuhSPn0hU7ji"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zvSkwKIdiTDj" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 60%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000243812Member_zTVd0TVK8y7l" style="width: 47%; text-align: right">145</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000243812Member_zU7jQNiRxtBf" style="width: 47%; text-align: right">474</td><td style="width: 1%; text-align: left"> </td></tr> </table> 145 474 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet launched. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2x the inverse (-200%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately -200% of the Fund’s net asset value. The Fund aims to generate the inverse daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money put option contracts, or simultaneously buy an at-the-money put option contract and sell an at-the-money call option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each put option contract bought and receive the premium for each call option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the put and sells the call option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the inverse performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the computer programming industry. Meta Platforms, Inc. builds technologies that help people connect, find communities, and grow businesses. META is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by META pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-3551 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding META may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance decreases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Meta Platforms Inc. The common stock of Meta Platforms Inc. (META) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Meta Platforms Inc. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Meta Platforms, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the social media and computer programming sector. The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by the company’s ability to add and retain users of its social media products, disruption in service caused by hardware or software failure, interruptions or delays in service by third-party data center hosting facilities and maintenance providers, security breaches involving certain private, sensitive, proprietary and confidential information, its ability to enforce its intellectual property rights and increased competition in the social and digital media space. Additionally, the collection of data from consumers and other sources could face increased scrutiny as regulators consider how the data is collected, stored, safeguarded and used. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zHF8QbjNz4O7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the daily inverse returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate inverse daily returns. For a Fund aiming to replicate the inverse performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 17.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Inverse Fund would be expected to lose 95.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Inverse Fund can be expected to return less than -200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of the Underlying Stock. The Inverse Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td rowspan="3" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-left: black 1pt solid">One Year Performance of the Underlying Stock</td> <td rowspan="3" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid">-200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td rowspan="2" style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap">10% </td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"> </td> <td rowspan="2" style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid">50% </td> <td rowspan="2" style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap">75% </td> <td rowspan="2" style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid">100% </td> <td rowspan="2" style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid">125% </td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap">25% </td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap">150% </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 13%; border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">-95%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 25%; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">190%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 10%; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">36110.9%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 10%; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">31935.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 10%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">18570.8%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 8%; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">7461.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 8%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">2021.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 8%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">292.9%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 8%; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-53.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-90%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">180%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">9182.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">7895.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">4554.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">1756.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">406.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-8.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-89.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">160%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">2261.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">1930.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">1074.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">367.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">23.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-78.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-70%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">140%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">962.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">810.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">421.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">108.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-45.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-90.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-99.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">120%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">500.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">415.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">196.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">15.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-69.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-94.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-99.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-50%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">100%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">286.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">230.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">89.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-25.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-80.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-96.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-99.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">80%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">168.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">130.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">31.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-48.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-97.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-99.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-30%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">60%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">98.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">69.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-3.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-62.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-90.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-98.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-99.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">40%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">51.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">29.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-26.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-71.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-98.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">20%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">2.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-41.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-77.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-99.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-2.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-17.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-52.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-81.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-95.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-99.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-31.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-61.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-84.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-96.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-99.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-32.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-42.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-67.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-87.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-96.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-99.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">30%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-42.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-51.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-72.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-89.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-97.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-99.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-50.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-57.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-76.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-90.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-97.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-99.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">50%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">-100%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-56.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-79.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-92.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-97.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">-120%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-62.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-67.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-81.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-93.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">70%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">-140%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-66.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-71.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-83.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-93.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-98.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">-160%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-70.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-74.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-85.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-94.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">90%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">-180%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-73.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-77.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-87.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-95.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-98.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">100%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">-200%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-74.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-78.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-87.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-95.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-98.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 45.58%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 69.50% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 8.61%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from -200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect -150% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Short Sale Exposure Risk: The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock increases more than 50%. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsRiskMember_zG8MjlFbndwe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zFNhSaxLyc25" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_ztaDnB4UdlFk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate -2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_905_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000081141Member_ztLJOcjlpDX7">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Marvell Technology, Inc. (NASDAQ: MRVL). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A89_eoef--AnnualFundOperatingExpensesTableTextBlock_zTkM9pGoRdrk"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zkyQmGRV5Fij" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Management Fee</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_49E_20261028__20261028__oef--ClassAxis__custom--C000258302Member_zlqUpR7ijuv4" style="font: 10pt Times New Roman, Times, Serif; text-align: right">1.30</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="4" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_zPUBex1QW9Ea" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 80%; text-align: left">Management Fee</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right">1.30</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_zRqSSIqUSByh" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Distribution and/or Service (12b-1) Fees</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.00</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp_z0BMXGPLb49e" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Other Expenses (1)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.65</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr id="xdx_40C_ecustom--RecoupmentOfPreviouslyWaivedExpenses_dp_zeqksni5wtY1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Recoupment of previously waived expenses</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.01</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_z04ZhR4eNSMf" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">Acquired Fund Fees and Expenses (2)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0.03</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_iT_dp_zEdwXh8uJh9l" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">Total Annual Fund Operating Expenses (3)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1.99</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dp_z1QkG2HeSira" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">Fee Waiver/Reimbursements/Fees Paid Indirectly (4), (5)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-0.02</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_iT_dp_z6qvLihEww6g" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4), (5)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1.97</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are based on actual amounts incurred during the Fund’s fiscal period ended June 30, 2026 which includes Interest Expense of 0.57% related to margin posted by the swap counterparties.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s fiscal year ending June 30, 2027.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_F0C_z6m0AnRvfmld" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(5)</td> <td id="xdx_F1C_z4mK0xUVjSjh" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The Funds’ have a fee arrangement with its custodian which provides for custody fees to be reduced by Create/Redeem credits received by the custodian from Authorized Participants.</td></tr> </table> 0.0130 0.0000 0.0065 0.0001 0.0003 0.0199 -0.0002 0.0197 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_zuuDWsuMC69d"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zeZGAeYshUCa" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">5 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">10 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_981_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000258302Member_zqJCsm3Br98a" style="width: 26%; text-align: right">200</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98D_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000258302Member_zC1w0INack6i" style="width: 20%; text-align: right">622</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98A_eoef--ExpenseExampleYear05_c20261028__20261028__oef--ClassAxis__custom--C000258302Member_zjV2FiWBpWYg" style="width: 20%; text-align: right">1070</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_eoef--ExpenseExampleYear10_c20261028__20261028__oef--ClassAxis__custom--C000258302Member_zHF8TGIPvKZ4" style="width: 20%; text-align: right">2,312</td><td style="width: 1%; text-align: left"> </td></tr> </table> 200 622 1070 2312 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio, since the Fund invested only in instruments that are excluded from portfolio turnover rate calculations. However, if the Fund’s use of derivatives were reflected, the Fund’s portfolio turnover rate would be higher. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2 times (200%) the daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the daily performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the semi-conductor industry. Marvell Technology, Inc. is a leading fabless chipmaker focused on networking and storage applications. Marvell Technology, Inc. is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Marvell Technology, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-259141 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Marvell Technology, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Marvell Technology, Inc. The common stock of Marvell Technology, Inc. (MRVL) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Marvell Technology, Inc. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Marvell Technology, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the semiconductor sector. The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by the company’s significant customer losses, its inability to develop and implement new technologies, its reliance on third-party distributors and platforms, cybersecurity attacks, its inability to protect its intellectual property rights and global laws and regulations affecting privacy, data protection and technology protections. The semiconductor industry may also be affected by risks that affect the broader technology sector, including: government regulation; dramatic and often unpredictable changes in growth rates and competition for qualified personnel; and a small number of companies representing a large portion of the technology sector as a whole. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zId1xP4CyLRj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the leveraged daily returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-left: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; text-align: center">200% of One Year</td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid">One Year Performance of the Underlying Stock</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid">Performance of the Underlying Stock</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">25%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">50%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">75%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">100%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">125%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 45%; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 20%; border-bottom: black 1pt solid; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: center">-180%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: center">-160%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: center">-140%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: center">-120%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-50%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: center">-100%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 65.77%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 82.19% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 28.85%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily leverage performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. The COVID-19 pandemic and the aggressive responses taken by many governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines or similar restrictions, as well as the forced or voluntary closure of, or operational changes to, many retail and other businesses, had negative impacts, and in many cases severe negative impacts, on markets worldwide. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zDxGyNHKsE85" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zBI8oCAKVOV7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions. The Fund may be required to deviate from its investment objective as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” and “Leverage Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: The Fund has not yet completed a full calendar year as of the date of this prospectus and therefore does not have a performance history for a full calendar year. Once available, the Fund’s performance information will be accessible on the Fund’s website at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_90D_eoef--PerformanceAvailabilityWebSiteAddress_c20261028__20261028__dei--LegalEntityAxis__custom--S000090913Member_zSgA6wNQbxya">www.graniteshares.com and will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance and by showing how the Fund’s returns compare with those of a broad measure of market performance. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_903_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000090913Member_z12U0dpRw5Z5">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.graniteshares.com The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Microsoft Corporation (NASDAQ: MSFT). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A8E_eoef--AnnualFundOperatingExpensesTableTextBlock_z8ewpWu2PSp1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zVFrwkezGogg" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">Management Fee</td><td style="font: 10pt Times New Roman, Times, Serif; display: none"> </td> <td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left"> </td><td id="xdx_497_20261028__20261028__oef--ClassAxis__custom--C000236087Member_z0ZqfnAf7eR4" style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right">0.99</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="4" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_zBvmoh3Vs143" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 80%; text-align: left">Management Fee</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right">0.99</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_zXidUsqtcnge" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Distribution and/or Service (12b-1) Fees</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.00</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp_zyzuVUMvc7Ha" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Other Expenses (1)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.11</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr id="xdx_40A_ecustom--RecoupmentOfPreviouslyWaivedExpenses_dp_zIBtSFJSHr63" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Recoupment of previously waived expenses</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.05</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_znvOBlCTu06l" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">Acquired Fund Fees and Expenses (2)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0.03</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_iT_dp_zx1WRfYgLwjb" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">Total Annual Fund Operating Expenses (3)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1.18</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dp_ziZRRexGnXgf" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">Fee Waiver/Reimbursements/Fees Paid Indirectly (4), (5)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-0.03</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_iT_dp_zLfiDo1V54I2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4), (5)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1.15</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are based on actual amounts incurred during the Fund’s fiscal period ended June 30, 2026.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s fiscal year ending June 30, 2027.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.15%. This agreement is effective until December 31, 2027 and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_F01_zTSrLI9i8BGg" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(5)</td> <td id="xdx_F18_zw2Z6R0lpFD1" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The Funds’ have a fee arrangement with its custodian which provides for custody fees to be reduced by Create/Redeem credits received by the custodian from Authorized Participants.</td></tr> </table> 0.0099 0.0000 0.0011 0.0005 0.0003 0.0118 -0.0003 0.0115 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8E_eoef--ExpenseExampleWithRedemptionTableTextBlock_zbtSXd0J7Qs2"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zhmIjJVuq31e" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">5 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">10 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_983_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000236087Member_zpA9FkKPef7h" style="width: 26%; text-align: right">117</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000236087Member_zEMwOdLCtja2" style="width: 20%; text-align: right">372</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_eoef--ExpenseExampleYear05_c20261028__20261028__oef--ClassAxis__custom--C000236087Member_zZgVUj0AhuP6" style="width: 20%; text-align: right">646</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_eoef--ExpenseExampleYear10_c20261028__20261028__oef--ClassAxis__custom--C000236087Member_zCKojeYt4Zd3" style="width: 20%; text-align: right">1,428</td><td style="width: 1%; text-align: left"> </td></tr> </table> 117 372 646 1428 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio, since the Fund invested only in instruments that are excluded from portfolio turnover rate calculations. However, if the Fund’s use of derivatives were reflected, the Fund’s portfolio turnover rate would be higher. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2 times (200%) the daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the daily performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the computer software industry. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Microsoft Corporation. The common stock of Microsoft Corporation (MSFT) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Microsoft Corporation pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Microsoft Corporation may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by competition in the microprocessor market, reliance on third-party manufacturers, the company’s ability to new develop new products, losses of significant customers, changes in customer demand for its products, risks associated with defective products political, legal and economic risks affecting the company’s global operations. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zZmiiuVpVC99" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the leveraged daily returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"> 10%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">25%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">50%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">75%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">100%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">125%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 47%; border-left: black 1pt solid; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 18%; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-180%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-160%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-140%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; background-color: white; text-align: center">-120%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-50%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; background-color: white; text-align: center">-100%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 28.61%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 36.33% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 11.86%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--SoftwareAndInformationComputerTechnologyCompanyRiskMember_zfs6JBXvDR2j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Software and Information Computer Technology Company Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the software and information technology sector. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation, and competition, both domestically and internationally, including competition from competitors with lower production costs. In addition, many information technology companies have limited product lines, markets, financial resources or personnel. The prices of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile and less liquid than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objective as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” and “Leverage Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: The following performance information indicates some of the risks of investing in the Fund. The bar chart shows the Fund’s performance from year to year. The table illustrates how the Fund’s average annual returns for the 1-year and since inception periods compared with those of a broad measure of market performance. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_90E_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000076341Member_zGCKwX81Mx7">The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Updated performance information is also available on the Fund’s website at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_90C_eoef--PerformanceAvailabilityWebSiteAddress_c20261028__20261028__dei--LegalEntityAxis__custom--S000076341Member_zEmz4uSWXQ72">www.graniteshares.com or by calling the Fund toll free at 844-476-8747. <img alt="" src="form485bpos_pg602.jpg"/> During the periods shown in the bar chart above, the Fund’s highest quarterly return was 68.65% (quarter ended June 30, 2025) and the Fund’s lowest quarterly return was -23.25% (quarter ended March 31, 2025). The calendar year-to-date total return of the Fund as of September 30, 2026, was -3.13%. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. www.graniteshares.com 844-476-8747 highest quarterly return 68.65 2025-06-30 lowest quarterly return -23.25 2025-03-31 year-to-date total return 2026-09-30 -3.13 Average Annual Total Returns for the Periods Ended December 31, 2025 <div id="xdx_A89_eoef--PerformanceTableTextBlock_zyQzaZEUOHOl"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zddHONPyzkfa" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20250701__20260630__dei--LegalEntityAxis__custom--S000076341Member_zIVVQRuyGjAc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20240315__20240315__dei--LegalEntityAxis__custom--S000076341Member_zwvCebJXHdCl" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Since Inception (03/15/2024)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_zyfuaeaFFhBl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; width: 60%; text-align: left; padding-bottom: 1pt">Return Before Taxes</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 16%; text-align: right">16.85</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">%</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 16%; text-align: right">4.78</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zxRMaXaUvqqa" style="vertical-align: bottom; background-color: White"> <td style="text-decoration: underline; text-align: left; padding-bottom: 1pt">Return After Taxes on Distributions</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">16.85</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4.78</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zVhnFM5fdlYi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; text-align: left; padding-bottom: 1pt">Return After Taxes on Distributions and Sale of Fund Shares</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">9.97</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3.66</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500Member_zARJQYhjnoVf" style="vertical-align: bottom; background-color: White"> <td style="text-decoration: underline; text-align: left; padding-bottom: 1pt">S&P 500 Total Return Index (reflects no deduction for fees, expenses or taxes)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">17.88</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">19.11</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> </table> 2024-03-15 0.1685 0.0478 0.1685 0.0478 0.0997 0.0366 0.1788 0.1911 Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Strategy Inc. (NASDAQ: MSTR). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A8F_eoef--AnnualFundOperatingExpensesTableTextBlock_zCHtdkNwsFFa"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_z90sgu0CgeE1" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">Management Fee</td><td style="font: 10pt Times New Roman, Times, Serif; display: none"> </td> <td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left"> </td><td id="xdx_497_20261028__20261028__oef--ClassAxis__custom--C000258153Member_zzQyJD35VpH4" style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right">1.30</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="4" style="border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_zWe0Tz8ao0gc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 80%; text-align: left">Management Fee</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right">1.30</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_zPnMMomBu5Jd" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Distribution and/or Service (12b-1) Fees</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.00</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp_zgNiJhOmiAMb" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Other Expenses (1)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1.07</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr id="xdx_40A_ecustom--RecoupmentOfPreviouslyWaivedExpenses_dp_zRloXPrnQzVa" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Recoupment of previously waived expenses</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.18</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zTle9fzDzZBi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">Acquired Fund Fees and Expenses (2)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0.03</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_iT_dp_zzfLYh2f08Z4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">Total Annual Fund Operating Expenses (3)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">2.58</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dp_zzQPYNbL165b" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">Fee Waiver/Reimbursements/Fees Paid Indirectly (4), (5)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-0.91</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_iT_dp_zVCFExzaYT0k" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4), (5)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1.67</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are based on actual amounts incurred during the Fund’s fiscal period ended June 30, 2026 which includes Interest Expense of 0.14% related to margin posted by the swap counterparties.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s fiscal year ending June 30, 2027.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_F03_zhWsVcGDUd06" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(5)</td> <td id="xdx_F1B_zU4zGWG9gBk" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The Funds’ have a fee arrangement with its custodian which provides for custody fees to be reduced by Create/Redeem credits received by the custodian from Authorized Participants.</td></tr> </table> 0.0130 0.0000 0.0107 0.0018 0.0003 0.0258 -0.0091 0.0167 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8F_eoef--ExpenseExampleWithRedemptionTableTextBlock_zhebFXQD3BF1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_z77ABAT75cbd" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">5 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">10 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_985_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000258153Member_z4kIp4gXIzE3" style="width: 26%; text-align: right">170</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000258153Member_zXkUBvJV17Sg" style="width: 20%; text-align: right">716</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_eoef--ExpenseExampleYear05_c20261028__20261028__oef--ClassAxis__custom--C000258153Member_zCOrl1Z1Pjn8" style="width: 20%; text-align: right">1,288</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_eoef--ExpenseExampleYear10_c20261028__20261028__oef--ClassAxis__custom--C000258153Member_zBIIHvCIOsba" style="width: 20%; text-align: right">2,843</td><td style="width: 1%; text-align: left"> </td></tr> </table> 170 716 1288 2843 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio, since the Fund invested only in instruments that are excluded from portfolio turnover rate calculations. However, if the Fund’s use of derivatives were reflected, the Fund’s portfolio turnover rate would be higher. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2 times (200%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money put option contracts, or simultaneously buy an at-the-money put option contract and sell an at-the-money call option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each put option contract bought and receive the premium for each call option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the put and sells call option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have the inverse performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the software and information technology industry and carries risks associated to bitcoin. Strategy Inc. is a bitcoin development company. It is engaged in the development of the bitcoin network through its activities in the financial markets and technology. It designs, develops, markets and sales its software platform through licensing arrangements and cloud subscriptions and related services. As a bitcoin development company, Strategy Inc.’ bitcoin strategy includes acquiring bitcoin using cash flows from operations and proceeds from equity and debt financings, developing product innovations that leverage bitcoin blockchain technology and periodically engaging in advocacy and educational activities regarding the acceptance and value of Bitcoin as an open and secure protocol for digital assets and to be a lightning network. As of September 30, 2026, bitcoin represented approximately 95% of Strategy Inc.’ total assets. MicroStrategy develops “layer-2” solutions which refers to any off-chain network, system, or technology built on top of a blockchain refers to any off-chain network, system, or technology built on top of a blockchain. While layer-2 may offer faster processing, such solutions is subject to a higher level of centralization which may result in a lower level of security. Strategy Inc. is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by MSTR pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 000-24435 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding MSTR may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Strategy Inc. The common stock of Strategy Inc. (MSTR) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Strategy Inc. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Strategy Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Additional Information on Bitcoin Bitcoin is a digital asset that is created and transmitted through the operations of the online, peer-to-peer Bitcoin network, a decentralized network of computers that operates on cryptographic protocols. The ownership of bitcoin is determined by participants in the Bitcoin network. The Bitcoin network connects computers that run publicly accessible, or “open source,” software that follows the rules and procedures governing the Bitcoin network. This is commonly referred to as the Bitcoin Protocol. Bitcoin, the asset, plays a key role in the operation of the Bitcoin network, as the computers (or “miners”) that process transactions on the network and maintain the network’s security are compensated through the issuance of new bitcoin and through transaction fees paid by users in bitcoin. No single entity owns or operates the Bitcoin network. Bitcoin is not issued by any government, by banks or similar organizations. The infrastructure of the Bitcoin network is collectively maintained by a decentralized user base. The Bitcoin network is accessed through software, and software governs the creation, movement, and ownership of “bitcoin,” the unit of account on the Bitcoin network ledger. The value of bitcoin is determined, in part, by the supply of, and demand for, bitcoin in the global markets for trading bitcoin, market expectations for the adoption of bitcoin as a decentralized store of value, the number of merchants and/or institutions that accept bitcoin as a form of payment and the volume of private end-user-to-end-user transactions. Bitcoin transaction and ownership records are reflected on the “Bitcoin blockchain,” which is a digital public record or ledger. Copies of this ledger are stored in a decentralized manner on the computers of each Bitcoin network node (a node is any user who maintains on their computer a full copy of all the bitcoin transaction records, the blockchain, as well as related software). Transaction data is permanently recorded in files called “blocks,” which reflect transactions that have been recorded and authenticated by Bitcoin network participants. The Bitcoin network software source code includes protocols that govern the creation of new bitcoin and the cryptographic system that secures and verifies bitcoin transactions. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the software and information technology industry. The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by global markets and demand for its products and services, its ability to develop new products and services, inventory levels, supply chain issues, the performance of third-party software developers, system and network failures, privacy and cybersecurity breaches and changes in international and government regulations. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology industry may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. Bitcoin Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to risks associated with bitcoin. Investing in bitcoin exposes to significant risks that are not typically present in other investments. These risks include the uncertainty surrounding new technology, limited evaluation due to bitcoin’s short trading history, and the potential decline in adoption and value over the long term. The extreme volatility of bitcoin’s price is also a risk factor. Regulatory uncertainties, such as potential government interventions and conflicting regulations across jurisdictions, can impact the demand for bitcoin and restrict its usage. Bitcoin is not presently widely accepted as a medium of exchange, which may be due to a number of common impediments and/or disadvantages to adopting the Bitcoin Network as a payment network, including the slowness of transaction processing and finality, variability of transaction fees, and volatility of the price of bitcoin. Additionally, risks associated with the sale of newly mined bitcoin, bitcoin trading platforms, competition from alternative digital assets, mining operations, network modifications, and intellectual property claims pose further challenges to bitcoin-linked investments. The value of bitcoin has been, may continue to be, substantially dependent on speculation, such that trading and investing in these assets generally may not be based on fundamental analysis. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zuxfWuFzUXl3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the daily inverse returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate inverse daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Inverse Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Inverse Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Inverse Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"> 10%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">25%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">50%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">75%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">100%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">125%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 38%; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 20%; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; width: 6%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-180%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-160%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-140%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; background-color: white; text-align: center">-120%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-50%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; background-color: white; text-align: center">-100%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 91.80%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 113.05% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 13.61%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from -100% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_z86essmcSSPh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zBA0ExjsUEaa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate the inverse daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may have difficulty achieving its daily leveraged investment objective due to its difficulty to adjust its exposure to the Underlying Security, resulting in over or under-exposition. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” and “Leverage Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: The Fund has not yet completed a full calendar year as of the date of this prospectus and therefore does not have a performance history for a full calendar year. Once available, the Fund’s performance information will be accessible on the Fund’s website at www.graniteshares.com and will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance and by showing how the Fund’s returns compare with those of a broad measure of market performance. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_901_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000090805Member_zcrLMPOecfPe">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Micron Technology Inc. (NASDAQ: MU). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A85_eoef--AnnualFundOperatingExpensesTableTextBlock_zpDATkSWyU11"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_z9C3hAxDQKEe" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none; text-align: left">Management Fee</td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_496_20261028__20261028__oef--ClassAxis__custom--C000254487Member_zbOUDhMaR63" style="display: none; text-align: right">1.30</td><td style="display: none; text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: left; font-weight: bold">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_zFUnShNcu9i3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_zABaKzTYiREh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp_zGcEorwOC04h" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.35</td><td style="text-align: left">%</td></tr> <tr id="xdx_402_ecustom--RecoupmentOfPreviouslyWaivedExpenses_dp_zN3FndUJxLzb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Recoupment of previously waived expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.01</td><td style="text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zJTuSgdFIPWf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_iT_dp_zHaYmGA7xSp5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.69</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dp_zqOkCHKS22j4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements/Fees Paid Indirectly (4), (5)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-0.01</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_iT_dp_zkC0dJu6Tzw7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4), (5)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.68</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are based on actual amounts incurred during the Fund’s fiscal period ended June 30, 2026 which includes Interest Expense of 0.28% related to margin posted by the swap counterparties.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s fiscal year ending June 30, 2027.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_F06_zrxsVtSsU69g" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(5)</td> <td id="xdx_F13_zxZ73etP99O1" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The Funds’ have a fee arrangement with its custodian which provides for custody fees to be reduced by Create/Redeem credits received by the custodian from Authorized Participants.</td></tr> </table> 0.0130 0.0000 0.0035 0.0001 0.0003 0.0169 -0.0001 0.0168 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8A_eoef--ExpenseExampleWithRedemptionTableTextBlock_zw3jXspG8r7h"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zjvzPU1iaEe7" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">5 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">10 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000254487Member_zDPxds5jzPb1" style="width: 22%; text-align: right">171</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000254487Member_zHjTla3qTHEi" style="width: 22%; text-align: right">532</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98A_eoef--ExpenseExampleYear05_c20261028__20261028__oef--ClassAxis__custom--C000254487Member_zbjufvRoA7wb" style="width: 21%; text-align: right">916</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98D_eoef--ExpenseExampleYear10_c20261028__20261028__oef--ClassAxis__custom--C000254487Member_zZ88OV3cEyN" style="width: 21%; text-align: right">1,994</td><td style="width: 1%; text-align: left"> </td></tr> </table> 171 532 916 1994 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio, since the Fund invested only in instruments that are excluded from portfolio turnover rate calculations. However, if the Fund’s use of derivatives were reflected, the Fund’s portfolio turnover rate would be higher. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2 times (200%) the daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate the inverse daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the daily performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the semi-conductor industry. Micron Technology Inc. is a provider of memory and storage solutions. MU is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Micron Technology Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-10658 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Micron Technology Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Micron Technology Inc. The common stock of Micron Technology Inc. (MU) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Micron Technology Inc. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Micron Technology Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the semiconductor industry. The risks of investments in the semiconductor industry include: intense competition, both domestically and internationally, including competition from subsidized foreign competitors with lower production costs; wide fluctuations in securities prices due to risks of rapid obsolescence of products; economic performance of the customers of semiconductor companies; their research costs and the risks that their products may not prove commercially successful; capital equipment expenditures that could be substantial and suffer from rapid obsolescence; and thin capitalization and limited product lines, markets, financial resources or personnel. The semiconductor industry may also be affected by risks that affect the broader technology sector, including: government regulation; dramatic and often unpredictable changes in growth rates and competition for qualified personnel; heavy dependence on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability; and a small number of companies representing a large portion of the technology sector as a whole. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the daily leverage returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Inverse Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Inverse Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"> 10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 38%; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 20%; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-180%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-160%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-140%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-120%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-50%</td> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-100%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 57.47%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 82.70% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 67.88%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” and “Leverage Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: The following performance information indicates some of the risks of investing in the Fund. The bar chart shows the Fund’s performance from year to year. The table illustrates how the Fund’s average annual returns for the 1-year and since inception periods compared with those of a broad measure of market performance. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_907_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000088289Member_zvFnCnWNtla1">The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Updated performance information is also available on the Fund’s website at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_901_eoef--PerformanceAvailabilityWebSiteAddress_c20261028__20261028__dei--LegalEntityAxis__custom--S000088289Member_ztOKz5YnKrmg">www.graniteshares.com or by calling the Fund toll free at 844-476-8747. <img alt="" src="form485bpos_pg624.jpg"/> During the periods shown in the bar chart above, the Fund’s highest quarterly return was 149.03% (quarter ended December 31, 2025) and the Fund’s lowest quarterly return was -6.58% (quarter ended March 31, 2025). The calendar year-to-date total return of the Fund as of September 30, 2026, was 610.86%. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. www.graniteshares.com 844-476-8747 highest quarterly return 149.03 2025-12-31 lowest quarterly return -6.58 2025-03-31 year-to-date total return 2026-09-30 610.86 Average Annual Total Returns for the Periods Ended December 31, 2025 <div id="xdx_A80_eoef--PerformanceTableTextBlock_z45rGtP3Dr4i"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zX6rpyVM9IK4" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20250101__20251231__dei--LegalEntityAxis__custom--S000088289Member_zouuaOSBJNWi" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20241111__20241111__dei--LegalEntityAxis__custom--S000088289Member_zUfwOWowAFsc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Since Inception (11/11/2024)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_z96PBBV74qw7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; width: 60%; text-align: left; padding-bottom: 1pt">Return Before Taxes</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 16%; text-align: right">558.44</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">%</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 16%; text-align: right">208.74</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zANggClZU667" style="vertical-align: bottom; background-color: White"> <td style="text-decoration: underline; text-align: left; padding-bottom: 1pt">Return After Taxes on Distributions</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">557.47</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">208.34</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_ziFO1wCmdCYh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; text-align: left; padding-bottom: 1pt">Return After Taxes on Distributions and Sale of Fund Shares</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">330.64</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">161.37</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500TotalReturnIndexMember_zUyvMTRWVuxc" style="vertical-align: bottom; background-color: White"> <td style="text-decoration: underline; text-align: left; padding-bottom: 1pt">S&P 500 Total Return Index (reflects no deduction for fees, expenses or taxes)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">17.88</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">13.75</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> </table> 2024-11-11 5.5844 2.0874 5.5747 2.0834 3.3064 1.6137 0.1788 0.1375 Investment Objective The Fund seeks daily investment results, before fees and expenses, of -2 times (-200%) the daily percentage change of the common stock of Micron Technology Inc. (NASDAQ: MU). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A82_eoef--AnnualFundOperatingExpensesTableTextBlock_zNjyv0KK7gUb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zbD0QkNBtZri" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none; text-align: left">Management Fee</td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_490_20261028__20261028__oef--ClassAxis__custom--C000254502Member_z61i2WkuLTQ3" style="display: none; text-align: right">1.30</td><td style="display: none; text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: left; font-weight: bold">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_zrkEV46NJDw8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_zmD8c4V6rdl1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp_zjUKFbwboFP5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.06</td><td style="text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zRrbykSbMkr2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_iT_dp_zFKG8ava32Sc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dp_z9WyQ8TjYhCf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements (4)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_iT_dp_z2R9mGpRkfr7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0130 0.0000 0.0006 0.0003 0.0139 0.0139 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A81_eoef--ExpenseExampleWithRedemptionTableTextBlock_zKkNooEM2A1f"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zbEuS3G0MHKk" style="font: 10pt Times New Roman, Times, Serif; width: 60%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000254502Member_ziAtMGnSAqXj" style="width: 47%; text-align: right">145</td><td style="width: 2%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000254502Member_z3hXipgR8ii8" style="width: 47%; text-align: right">474</td><td style="width: 1%; text-align: left"> </td></tr> </table> 145 474 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet been launched. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2x the inverse (-200%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately -200% of the Fund’s net asset value. The Fund aims to generate the inverse daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money put option contracts, or simultaneously buy an at-the-money put option contract and sell an at-the-money call option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each put option contract bought and receive the premium for each call option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the put and sells the call option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and Flexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the inverse performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the semi-conductor industry. Micron Technology Inc. is a provider of memory and storage solutions. MU is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Micron Technology Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-10658 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Micron Technology Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance decreases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Micron Technology Inc. The common stock of Micron Technology Inc. (MU) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Micron Technology Inc. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Micron Technology Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the semiconductor industry. The risks of investments in the industry include: intense competition, both domestically and internationally, including competition from subsidized foreign competitors with lower production costs; wide fluctuations in securities prices due to risks of rapid obsolescence of products; economic performance of the customers of semiconductor companies; their research costs and the risks that their products may not prove commercially successful; capital equipment expenditures that could be substantial and suffer from rapid obsolescence; and thin capitalization and limited product lines, markets, financial resources or personnel. The semiconductor industry may also be affected by risks that affect the broader technology sector, including: government regulation; dramatic and often unpredictable changes in growth rates and competition for qualified personnel; heavy dependence on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability; and a small number of companies representing a large portion of the technology sector as a whole. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the daily inverse returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate inverse daily returns. For a Fund aiming to replicate the inverse performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 17.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Inverse Fund would be expected to lose 95.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Inverse Fund can be expected to return less than -200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of the Underlying Stock. The Inverse Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; text-align: center">-200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">25%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">50%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">75%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 38%; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 20%; text-align: center">190%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">36110.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">31935.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">18570.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">7461.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">2021.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">292.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #DA8E86; text-align: center">-53.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">9182.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">7895.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">4554.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">1756.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">406.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-8.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-89.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">2261.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">1930.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">1074.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">367.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">23.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-78.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">962.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">810.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">421.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">108.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-45.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-99.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">500.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">415.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">196.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">15.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-94.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-99.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">286.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">230.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">89.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-25.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-80.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-96.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-99.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">168.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">130.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">31.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-48.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-97.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-99.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">98.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">69.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-3.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-62.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-98.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-99.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">51.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">29.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-26.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-71.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-98.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">2.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-41.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-77.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-99.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-2.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-17.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-52.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-81.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-95.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-99.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-31.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-61.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-84.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-96.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-99.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-32.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-42.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-67.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-96.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-99.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-42.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-51.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-72.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-89.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-97.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-99.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-50.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-57.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-76.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-97.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-99.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-56.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-79.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-92.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-97.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-62.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-67.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-81.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-93.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-66.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-71.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-83.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-93.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-70.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-74.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-85.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-94.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-73.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-77.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-87.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-95.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-200%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-74.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-78.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-87.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-95.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 57.47%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 82.70% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 67.88%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from -200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect -200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Short Sale Exposure Risk: The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock increases more than 50%. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate -2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_906_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000088304Member_zKvat2lYQHc1">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the ADR of Nebius Group NV (Nasdaq: NBIS). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_z9amFSXNzHE7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_z5wnEzHcqVi6" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_497_20261028__20261028__oef--ClassAxis__custom--C000262874Member_zMMLgPqhjy3c" style="text-align: right">1.30</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: left; font-weight: bold">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_zcxcuSJitKLi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_z987Wkr9ydB9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp_ztiDYehP3tBk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.12</td><td style="text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zuam2elKtgpk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_iT_dp_z5ar5iATqU06" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.45</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dp_zIweGnivvPib" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements/Fees Paid Indirectly (4), (5)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-0.04</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_iT_dp_zWSDtOqeDlbg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4), (5)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.41</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are based on actual amounts incurred during the Fund’s fiscal period ended June 30, 2026 which includes Interest Expense of 0.01% related to margin posted by the swap counterparties.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s fiscal year ending June 30, 2027.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_F09_zyIhPrOcO2u6" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(5)</td> <td id="xdx_F1E_zY02mcjT7tI9" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The Funds’ have a fee arrangement with its custodian which provides for custody fees to be reduced by Create/Redeem credits received by the custodian from Authorized Participants.</td></tr> </table> 0.0130 0.0000 0.0012 0.0003 0.0145 -0.0004 0.0141 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A88_eoef--ExpenseExampleWithRedemptionTableTextBlock_z3KIdX0aB2he"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zXHRmRWrBV45" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">5 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">10 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000262874Member_zcfijAa946F9" style="width: 23%; text-align: right">144</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000262874Member_zOhLlcXBCXQk" style="width: 23%; text-align: right">455</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eoef--ExpenseExampleYear05_c20261028__20261028__oef--ClassAxis__custom--C000262874Member_zbbtkC5aH8Zh" style="width: 20%; text-align: right">788</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_986_eoef--ExpenseExampleYear10_c20261028__20261028__oef--ClassAxis__custom--C000262874Member_z2fqkEoVH474" style="width: 20%; text-align: right">1,730</td><td style="width: 1%; text-align: left"> </td></tr> </table> 144 455 788 1730 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 0% of the average value if uts portfolio, since the Fund invested only in instruments that are excluded from portfolio turnover rate alculations. However, if the Fund’s use of derivatives were reflected, the Fund’s portfolio turnover rate would be higher. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2 times (200%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock in a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 30% and 45% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transaction, which is a transaction under which the purchaser (i.e., the Fund) acquires a security and the seller agrees, at the time of the sale, to repurchase the security at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) equity or fixed income securities for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the daily performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the artificial intelligence infrastructure and cloud computing industry. Nebius Group NV is a Netherlands-based infrastructure company operating in the technology industry. It is engaged in developing a portfolio of artificial intelligence-related technology assets. The American deposit receipt (ADR) of Nebius Group NV is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Nebius Group NV pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-286934 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Nebius Group NV may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the ADR or other securities of Nebius Group NV. The ADR of Nebius Group NV is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Nebius Group NV pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Nebius Group NV may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the artificial intelligence infrastructure and cloud computing industry. The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by competition in the artificial intelligence cloud computing market, the availability and cost of specialized hardware for AI workloads, demand for AI training and inference services, government regulations related to artificial intelligence and data privacy, cybersecurity risks affecting its cloud infrastructure and services, and geopolitical risks given its operations across multiple jurisdictions. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the daily leverage returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate daily leverage returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"> 10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 45%; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 20%; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-180%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-160%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-140%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-120%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-50%</td> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-100%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate from October 21, 2024 (Underlying Stock’s listing date) to August 31, 2026, was 117.17%. During the period observed the Underlying Stock’s highest volatility rate over a 12-month period was 120.83% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the period considered was 250.61%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” and “Leverage Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: The Fund has not yet completed a full calendar year as of the date of this prospectus and therefore does not have a performance history for a full calendar year. Once available, the Fund’s performance information will be accessible on the Fund’s website at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_903_eoef--PerformanceAvailabilityWebSiteAddress_c20261028__20261028__dei--LegalEntityAxis__custom--S000094372Member_zEsEsf6ND8xh">www.graniteshares.com and will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance and by showing how the Fund’s returns compare with those of a broad measure of market performance. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_90D_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000094372Member_zYxdpJ8gSzQl">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.graniteshares.com The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Netflix Inc. (NASDAQ: NFLX). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A8C_eoef--AnnualFundOperatingExpensesTableTextBlock_zOoKRSZHdqAb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_z1mA1cLNrhhl" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_49E_20261028__20261028__oef--ClassAxis__custom--C000254488Member_zYrSyiQeR9u1" style="text-align: right">1.30</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: left; font-weight: bold">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_ztptSQoAUGqd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_zTCR6JbqTiWh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp_z5hnoOsaVFp" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.06</td><td style="text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_z1vjVQzko227" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_iT_dp_znGCDvaA9r9l" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dp_zMMq0lJL5NJc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements (4)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_iT_dp_znL6w1AxfmTg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0130 0.0000 0.0006 0.0003 0.0139 0.0139 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8F_eoef--ExpenseExampleWithRedemptionTableTextBlock_zy474ejGMFpe"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zT5sgvcEARol" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000254488Member_zCk6IGLqfl95" style="width: 47%; text-align: right">145</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000254488Member_zsLE3hGzttI" style="width: 47%; text-align: right">474</td><td style="width: 1%; text-align: left"> </td></tr> </table> 145 474 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet been launched. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2 times (200%) the daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate the inverse daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the daily performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the entertainment industry. Netflix Inc. is a provider of entertainment services. The Company acquires, licenses and produces content, including original programming. NFLX is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by NFLX pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-35727 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding NFLX may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Rivian Automotive, Inc. The common stock of Rivian Automotive, Inc. (RIVN) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Netflix Inc. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Netflix Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the software and information technology as well as the entertainment industries. The software and information technology industry is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation, and competition, both domestically and internationally, including competition from competitors with lower production costs. In addition, many information technology companies have limited product lines, markets, financial resources or personnel. The prices of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile and less liquid than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology industry may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel. The entertainment industry is highly competitive and relies on consumer spending and the availability of disposable income for success. The prices of the securities of companies in the entertainment industry may fluctuate widely due to competitive pressures, heavy expenses incurred for research and development of products, problems related to bringing products to market, consumer preferences and rapid obsolescence of products. Legislative or regulatory changes and increased government supervision also may affect companies in the entertainment industry. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the leveraged daily returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Inverse Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Inverse Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of the Underlying Stock. The Inverse Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 38%; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 20%; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-180%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-160%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-140%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-120%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-50%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-100%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 44.34%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 71.78% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 6.85%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from -200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate -2 times the inverse daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” and “Leverage Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_90C_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000088290Member_zrxbyBNcWO13">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective The Fund seeks daily investment results, before fees and expenses, of -2 times (-200%) the daily percentage change of the common stock of Netflix Inc. (NASDAQ: NFLX). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_zZawIVcblJxc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zN4HKsNxqGd8" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_49B_20261028__20261028__oef--ClassAxis__custom--C000254503Member_zvDlv5SCvWs8" style="text-align: right">1.30</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: left; font-weight: bold">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_402_eoef--ManagementFeesOverAssets_dp_zu6unNPQmhP7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_403_eoef--DistributionAndService12b1FeesOverAssets_dp_z8H7MfRO9i64" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_409_eoef--OtherExpensesOverAssets_dp_zpfpd82UJhQ3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.06</td><td style="text-align: left">%</td></tr> <tr id="xdx_40F_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zCimRIxnZMNk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_403_eoef--ExpensesOverAssets_iT_dp_zlFgLfurnBJ9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40A_eoef--FeeWaiverOrReimbursementOverAssets_dp_zRf6AatSHdNk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements (4)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_iT_dp_zpQ1JkkNLvVb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0130 0.0000 0.0006 0.0003 0.0139 0.0139 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A88_eoef--ExpenseExampleWithRedemptionTableTextBlock_zapwj9I3Ue41"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_z3vJG2dbLLal" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_98D_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000254503Member_z5jcV5vT22Ei" style="width: 47%; text-align: right">145</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_981_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000254503Member_zMRutx91doH" style="width: 47%; text-align: right">474</td><td style="width: 1%; text-align: left"> </td></tr> </table> 145 474 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet been launched. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2x the inverse (-200%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately -200% of the Fund’s net asset value. The Fund aims to generate the inverse daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money put option contracts, or simultaneously buy an at-the-money put option contract and sell an at-the-money call option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each put option contract bought and receive the premium for each call option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the put option and sells the call option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the inverse performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the entertainment industry. Netflix, Inc. is a provider of entertainment services. NFLX acquires, licenses and produces content, including original programming. NFLX is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by NFLX pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-35727 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding NFLX may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance decreases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Netflix Inc. The common stock of Netflix Inc. (NFLX) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Netflix Inc. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Netflix Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the software and information technology industry as well as the entertainment industry. The software and information technology industry are particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation, and competition, both domestically and internationally, including competition from competitors with lower production costs. In addition, many information technology companies have limited product lines, markets, financial resources or personnel. The prices of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile and less liquid than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology industry may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel. The entertainment industry is highly competitive and relies on consumer spending and the availability of disposable income for success. The prices of the securities of companies in the entertainment industry may fluctuate widely due to competitive pressures, heavy expenses incurred for research and development of products, problems related to bringing products to market, consumer preferences and rapid obsolescence of products. Legislative or regulatory changes and increased government supervision also may affect companies in the entertainment industry. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the daily inverse returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate inverse daily returns. For a Fund aiming to replicate the inverse performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 17.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Inverse Fund would be expected to lose 95.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Inverse Fund can be expected to return less than -200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of the Underlying Stock. The Inverse Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; text-align: center">-200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 38%; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 20%; text-align: center">190%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">36110.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">31935.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">18570.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">7461.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">2021.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">292.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #DA8E86; text-align: center">-53.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">9182.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">7895.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">4554.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">1756.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">406.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-8.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-89.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">2261.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">1930.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">1074.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">367.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">23.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-78.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">962.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">810.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">421.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">108.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-45.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-90.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">500.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">415.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">196.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">15.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-69.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-94.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">286.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">230.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">89.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-25.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-80.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-96.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">168.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">130.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">31.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-48.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-97.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">98.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">69.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-62.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-90.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-98.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">51.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">29.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-26.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-71.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-98.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">2.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-41.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-77.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-2.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-52.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-81.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-95.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-84.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-96.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-32.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-42.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-67.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-87.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-96.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-42.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-51.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-89.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-97.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-50.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-57.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-76.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-90.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-97.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-56.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-79.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-92.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-62.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-67.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-81.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-66.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-71.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-83.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-70.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-74.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-73.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-77.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-95.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-200%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-74.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-78.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-95.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 44.34%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 71.78% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 6.85%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from -200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect -200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Short Sale Exposure Risk: The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock increases more than 50%. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate -2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_906_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000088305Member_zeU9JFil8dp">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of NIKE Inc (NYSE: NKE). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A89_eoef--AnnualFundOperatingExpensesTableTextBlock_z1WBgQQJBH0l"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zdthHdlEc1pa" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_490_20261028__20261028__oef--ClassAxis__custom--C000262875Member_zRg6xM3JsFye" style="text-align: right">1.30</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: left; font-weight: bold">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_z8ourwGjEhXd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_zUtdDI8MGPDe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp_zAMDqXB1Ycf1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.06</td><td style="text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zjFRwVwS3Mk8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_iT_dp_zswnwPM4qc01" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dp_zkoEKP6U9oag" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements (4)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_iT_dp_z4todQu07KQ8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0130 0.0000 0.0006 0.0003 0.0139 0.0139 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A83_eoef--ExpenseExampleWithRedemptionTableTextBlock_zKPBUItzo6K8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_z00oJImjHzf5" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000262875Member_zTfCGEqdy47c" style="width: 47%; text-align: right">145</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_983_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000262875Member_zZm72tGws8N2" style="width: 47%; text-align: right">474</td><td style="width: 1%; text-align: left"> </td></tr> </table> 145 474 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet been launched. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2 times (200%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock in a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 30% and 45% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transaction, which is a transaction under which the purchaser (i.e., the Fund) acquires a security and the seller agrees, at the time of the sale, to repurchase the security at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) equity or fixed income securities for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the daily performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the consumer discretionary industry. NIKE, Inc. is engaged in the designing, marketing and distributing of athletic footwear, apparel, equipment and accessories and services for sports and fitness activities. NIKE Inc. is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by NIKE Inc pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-232770 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding NIKE Inc may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of NIKE Inc The common stock of NIKE Inc is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by NIKE Inc pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding NIKE Inc may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the consumer discretionary industry. The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to overall domestic and global economy, interest rates, competition and consumer confidence. Success depends heavily on disposable household income and consumer spending. Also, companies in the consumer discretionary sector may be subject to severe competition, which may have an adverse impact on their respective profitability. Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer products and services in the marketplace. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the daily leverage returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate daily leverage returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"> 10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 45%; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 20%; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-180%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-160%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-140%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-120%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-50%</td> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-100%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 36.33%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 45.12% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was -23.77%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” and “Leverage Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_902_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000094373Member_zVuJcQPxkjda">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of ServiceNow, Inc. (NYSE: NOW). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_zJcFYPH1hkaf"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zhhbkojwazEa" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_491_20261028__20261028__oef--ClassAxis__custom--C000258303Member_zDIX2gvXqnu3" style="text-align: right">1.30</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: left; font-weight: bold">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp_zxs2oMdGhFfj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dp_zhe7P7KjFqW1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_407_eoef--OtherExpensesOverAssets_dp_z1MvsYMeO7J2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.11</td><td style="text-align: left">%</td></tr> <tr id="xdx_409_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_z9isoejKcmh1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40A_eoef--ExpensesOverAssets_iT_dp_zZo5naE3FJYk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.44</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_404_eoef--FeeWaiverOrReimbursementOverAssets_dp_zZKlnFE6sYD6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements/Fees Paid Indirectly (4), (5)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_409_eoef--NetExpensesOverAssets_iT_dp_zUOH0yGrdYD" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4), (5)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.41</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are based on actual amounts incurred during the Fund’s fiscal period ended June 30, 2026.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s fiscal year ending June 30, 2027.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_F09_z8Exdofve1Kc" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(5)</td> <td id="xdx_F1D_zTLGaUytBUvj" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The Funds’ have a fee arrangement with its custodian which provides for custody fees to be reduced by Create/Redeem credits received by the custodian from Authorized Participants.</td></tr> </table> 0.0130 0.0000 0.0011 0.0003 0.0144 -0.0003 0.0141 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A88_eoef--ExpenseExampleWithRedemptionTableTextBlock_zQaSNdqLtxJd"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zgZsl77tYaLb" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">5 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">10 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_986_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000258303Member_zxIQgAJZri7g" style="width: 22%; text-align: right">144</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000258303Member_zF3pywuM1ll2" style="width: 22%; text-align: right">452</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_981_eoef--ExpenseExampleYear05_c20261028__20261028__oef--ClassAxis__custom--C000258303Member_zSHcLuqlX7di" style="width: 22%; text-align: right">784</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_985_eoef--ExpenseExampleYear10_c20261028__20261028__oef--ClassAxis__custom--C000258303Member_zOpeqGsM1Qha" style="width: 20%; text-align: right">1,720</td><td style="width: 1%; text-align: left"> </td></tr> </table> 144 452 784 1720 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio, since the Fund invested only in instruments that are excluded from portfolio turnover rate calculations. However, if the Fund’s use of derivatives were reflected, the Fund’s portfolio turnover rate would be higher. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2 times (200%) the daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the daily performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the computer software industry. ServiceNow, Inc. is a digital workflow company. Its intelligent platform, the Now Platform, is a cloud-based solution with embedded artificial intelligence and machine learning capabilities that helps global enterprises across industries, universities and governments unify and digitize their workflows. ServiceNow, Inc. is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by ServiceNow, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-255587 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding ServiceNow, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of ServiceNow, Inc. The common stock of ServiceNow, Inc. (NOW) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by ServiceNow, Inc. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding ServiceNow, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by competition in the microprocessor market, reliance on third-party manufacturers, the company’s ability to new develop new products, losses of significant customers, changes in customer demand for its products, risks associated with defective products political, legal and economic risks affecting the company’s global operations. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the daily leverage returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate daily leverage returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 45%; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 20%; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-180%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-160%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-140%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-120%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-50%</td> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-100%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 45.83%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 57.82% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 2.60%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily leverage performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” and “Leverage Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: The Fund has not yet completed a full calendar year as of the date of this prospectus and therefore does not have a performance history for a full calendar year. Once available, the Fund’s performance information will be accessible on the Fund’s website at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_906_eoef--PerformanceAvailabilityWebSiteAddress_c20261028__20261028__dei--LegalEntityAxis__custom--S000090914Member_z6imO5h9BiV6">www.graniteshares.com and will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance and by showing how the Fund’s returns compare with those of a broad measure of market performance. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_902_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000090914Member_z8gqFWhAMsrj">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.graniteshares.com The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of NVIDIA Corporation (NASDAQ: NVDA). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A87_eoef--AnnualFundOperatingExpensesTableTextBlock_zO6DNCj6TnA9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zmiVDd9orGYg" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_490_20261028__20261028__oef--ClassAxis__custom--C000236090Member_zPICscmlncql" style="text-align: right">0.99</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: left; font-weight: bold">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_zgzLBM1EXuB5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">0.99</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_zgTVcfF0Vvw9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp_z7Q25ZHZItJg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.63</td><td style="text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zCx7ewjPUEmi" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_iT_dp_znQvPOuGRXJ6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.65</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dp_z9A9fkA7pPij" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements/Fees Paid Indirectly (4), (5)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-0.01</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_iT_dp_z16KRwIfK5w3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4), (5)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.64</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are based on actual amounts incurred during the Fund’s fiscal period ended June 30, 2026 which includes Interest Expense of 0.60% related to margin posted by the swap counterparties.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s fiscal year ending June 30, 2027.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.15%. This agreement is effective until December 31, 2027 and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_F0F_zaJAMQK38oB2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(5)</td> <td id="xdx_F16_zbipBOErOJ1d" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The Funds’ have a fee arrangement with its custodian which provides for custody fees to be reduced by Create/Redeem credits received by the custodian from Authorized Participants.</td></tr> </table> 0.0099 0.0000 0.0063 0.0003 0.0165 -0.0001 0.0164 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A88_eoef--ExpenseExampleWithRedemptionTableTextBlock_z0QpA2iyIKlf"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_z1hKaxoxyDl" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">5 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">10 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_981_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000236090Member_zx8UVSPbh453" style="width: 22%; text-align: right">167</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_981_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000236090Member_zRqepMiLPESh" style="width: 22%; text-align: right">519</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_eoef--ExpenseExampleYear05_c20261028__20261028__oef--ClassAxis__custom--C000236090Member_zZP4QlLqIDEc" style="width: 22%; text-align: right">896</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eoef--ExpenseExampleYear10_c20261028__20261028__oef--ClassAxis__custom--C000236090Member_zhrQezsmovlk" style="width: 20%; text-align: right">1,951</td><td style="width: 1%; text-align: left"> </td></tr> </table> 167 519 896 1951 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio, since the Fund invested only in instruments that are excluded from portfolio turnover rate calculations. However, if the Fund’s use of derivatives were reflected, the Fund’s portfolio turnover rate would be higher. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2 times (200%) the daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the daily performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the semi-conductor industry. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of NVIDIA Corporation. The common stock of NVIDIA Corporation (NVDA) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by NVIDIA Corporation pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding NVIDIA Corporation may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by NVIDIA Corporation’s ability to identify new products, technologies or services, global competition and business conditions, its dependence on third-party product manufacturers, product defect issues, cybersecurity breaches, and customer concentration. Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the leveraged daily returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 47%; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 18%; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-180%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-160%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-140%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-120%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-50%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-100%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 52.84%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 65.27% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 58.08%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Semi-Conductor Company Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the semiconductor sector. The risks of investments in the semiconductor sector industry include: intense competition, both domestically and internationally, including competition from subsidized foreign competitors with lower production costs; wide fluctuations in securities prices due to risks of rapid obsolescence of products; economic performance of the customers of semiconductor companies; their research costs and the risks that their products may not prove commercially successful; capital equipment expenditures that could be substantial and suffer from rapid obsolescence; and thin capitalization and limited product lines, markets, financial resources or personnel. The semiconductor industry may also be affected by risks that affect the broader technology sector, including: government regulation; dramatic and often unpredictable changes in growth rates and competition for qualified personnel; heavy dependence on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability; and a small number of companies representing a large portion of the technology sector as a whole. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions. The Fund may be required to deviate from its investment objective as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” and “Leverage Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: The following performance information indicates some of the risks of investing in the Fund. The bar chart shows the Fund’s performance from year to year. The table illustrates how the Fund’s average annual returns for the 1-year and since inception periods compared with those of a broad measure of market performance. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_905_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000076344Member_z2IbBMvt14Bf">The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Updated performance information is also available on the Fund’s website at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_90F_eoef--PerformanceAvailabilityWebSiteAddress_c20261028__20261028__dei--LegalEntityAxis__custom--S000076344Member_zrUTjzxGfhXh">www.graniteshares.com or by calling the Fund toll free at 844-476-8747. <img alt="" src="form485bpos_pg695.jpg"/> During the periods shown in the bar chart above, the Fund’s highest quarterly return was 178.63% (quarter ended March 31, 2024) and the Fund’s lowest quarterly return was -44.13% (quarter ended March 31, 2025). The calendar year-to-date total return of the Fund as of September 30, 2026, was 25.16%. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future www.graniteshares.com 844-476-8747 highest quarterly return 1.7863 2024-03-31 lowest quarterly return -0.4413 2025-03-31 year-to-date total return 2026-09-30 0.2516 Average Annual Total Returns for the Periods Ended December 31, 2025 <div id="xdx_A86_eoef--PerformanceTableTextBlock_zuOIQ5GETCH7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zcRWyJ8sagjf" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20250101__20251231__dei--LegalEntityAxis__custom--S000076344Member_zm9d30FgtRx2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20221212__20221212__dei--LegalEntityAxis__custom--S000076344Member_zRimXGT9oYZ2" style="border-bottom: Black 1pt solid; text-align: center">Since Inception (12/12/2022)</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_zls8XNctpyOh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; width: 60%; text-align: left; padding-bottom: 1pt">Return Before Taxes</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 16%; text-align: right">32.48</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">%</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 16%; text-align: right">181.40</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zTBhXIM0MeU6" style="vertical-align: bottom; background-color: White"> <td style="text-decoration: underline; text-align: left; padding-bottom: 1pt">Return After Taxes on Distributions</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">32.48</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">177.52</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zWAtyVBXEpll" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; text-align: left; padding-bottom: 1pt">Return After Taxes on Distributions and Sale of Fund Shares</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">19.23</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">155.30</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500Member_zisPUDwoaEQl" style="vertical-align: bottom; background-color: White"> <td style="text-decoration: underline; text-align: left; padding-bottom: 1pt">S&P 500 (no fees, expenses, or taxes applied)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">17.88</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">21.07</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> </table> 2022-12-12 0.3248 1.8140 0.3248 1.7752 0.1923 1.5530 0.1788 0.2107 Investment Objective The Fund seeks daily investment results, before fees and expenses, of -1 time (-100%) the daily percentage change of the common stock of NVIDIA Corporation (NASDAQ: NVDA). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A8E_eoef--AnnualFundOperatingExpensesTableTextBlock_zkOWHDirML9k"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zX6zOWbhfmil" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_49E_20261028__20261028__oef--ClassAxis__custom--C000243830Member_zwHg1Ls8RnAd" style="text-align: right">0.99</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: left; font-weight: bold">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_zTukmQN9matj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">0.99</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_zWtBKdVYPYRa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp_zBrMNBgHJcO1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.06</td><td style="text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zuCGlRP82syf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_iT_dp_z4xUvaXwSi9f" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.08</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dp_zttWBWXjWBB8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements (4)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_iT_dp_zrbdSbZz5Fxi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.08</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.15%. This agreement is effective until December 31, 2027 and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0099 0.0000 0.0006 0.0003 0.0108 0.0108 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A80_eoef--ExpenseExampleWithRedemptionTableTextBlock_zrswefcpEkK7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zjbiwgrxXuhh" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_986_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000243830Member_zJhljtntokX2" style="width: 47%; text-align: right">113</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_981_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000243830Member_zjlceRc7OIp6" style="width: 47%; text-align: right">370</td><td style="width: 1%; text-align: left"> </td></tr> </table> 113 370 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet launched. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate the inverse (-100%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately -100% of the Fund’s net asset value. The Fund aims to generate the inverse daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have the inverse performance of the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money put option contracts, or simultaneously buy an at-the-money put option contract and sell an at-the-money call option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each put option contract bought and receive the premium for each call option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the put and sells the call option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have the inverse performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the semi-conductor industry. NVIDIA Corporation pioneers accelerated computing to help solve the most challenging computational problems. NVIDIA Corporation expanded its focus from personal computer graphics to include several other large and important computationally intensive fields, such as artificial intelligence, data science, autonomous vehicles, robotics and augmented and virtual reality. NVDA is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by NVDA pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 000-23985 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding NVDA Corporation may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance decreases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of NVIDIA Corporation. The common stock of NVIDIA Corporation (NVDA) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by NVIDIA Corporation pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding NVIDIA Corporation may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the semiconductor sector. The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by NVIDIA Corporation’s ability to identify new products, technologies or services, global competition and business conditions, its dependence on third-party product manufacturers, product defect issues, cybersecurity breaches, and customer concentration. The Underlying Stock may also be affected by risks that affect the broader technology sector, including: government regulation; dramatic and often unpredictable changes in growth rates and competition for qualified personnel; heavy dependence on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability; and a small number of companies representing a large portion of the technology sector as a whole. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the daily inverse returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate inverse daily returns. For a Fund aiming to replicate the inverse performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Inverse Fund would be expected to lose 63.5% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Inverse Fund can be expected to return less than -100% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -100% of the performance of the Underlying Stock. The Inverse Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; text-align: center">-100% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 47%; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 18%; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">1841.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">1773.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">1468.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">1065.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">656.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">336.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">119.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">90%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">875.7%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">829.7%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">670.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">470.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">270.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">112.7%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">7.2%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">80%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">391.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">366.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">288.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">185.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">84.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">5.4%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-47.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">70%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">228.5%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">211.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">159.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">90.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">23.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-30.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-65.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">60%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">146.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">134.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">94.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">42.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-7.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-47.4%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-74.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-50%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">50%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">97.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">87.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">55.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">14.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-26.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-58.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-79.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">65.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">56.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">30.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-5.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-65.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">41.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">34.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">11.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-18.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-47.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-70.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">23.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">17.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-2.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-28.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-53.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-74.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">10.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">4.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-13.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-36.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-59.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-77.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-88.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-43.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-79.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-10.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-14.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-29.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-48.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-66.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-81.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-17.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-21.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-35.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-52.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-69.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-91.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-23.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-27.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-40.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-56.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-71.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-84.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-92.2%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-29.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-32.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-44.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-59.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-74.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-85.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-92.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-50%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-34.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-37.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-48.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-62.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-75.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-86.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-93.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-38.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-41.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-51.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-64.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-77.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-93.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-41.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-44.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-54.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-66.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-78.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-94.2%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-45.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-47.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-56.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-68.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-79.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-88.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-94.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-48.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-50.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-59.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-70.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-81.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-89.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-94.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-50.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-53.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-61.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-71.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-81.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-89.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-95.0%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 52.84%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 65.27% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 58.08%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from -100% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect -100% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Short Sale Exposure Risk: The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock increases more than 100%. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate the inverse daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_909_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000081159Member_zDcnjauOtF0i">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus Investment Objective The Fund seeks daily investment results, before fees and expenses, of -2 times (-200%) the daily percentage change of the common stock of NVIDIA Corporation (NASDAQ: NVDA). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A88_eoef--AnnualFundOperatingExpensesTableTextBlock_zfbWUoXeLaI6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zllamyjALPl7" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_49B_20261028__20261028__oef--ClassAxis__custom--C000243813Member_zimYB5EV2NKg" style="text-align: right">1.30</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: left; font-weight: bold">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_z9g6TbV448ii" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_zEVQn6zrT2Bl" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp_zfajBGsSmsve" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.09</td><td style="text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zoj0N2AlZcec" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_iT_dp_zcb81Im9OWM3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.42</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dp_zVh4YAXmWeld" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements/Fees Paid Indirectly (4), (5)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-0.12</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_iT_dp_zxNn9B0fbih6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4), (5)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.30</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are based on actual amounts incurred during the Fund’s fiscal period ended June 30, 2026.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s fiscal year ending June 30, 2027.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_F07_zKD8GIJpQvVc" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(5)</td> <td id="xdx_F18_zaJ7LsUU1C1b" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The Funds’ have a fee arrangement with its custodian which provides for custody fees to be reduced by Create/Redeem credits received by the custodian from Authorized Participants.</td></tr> </table> 0.0130 0.0000 0.0009 0.0003 0.0142 -0.0012 0.0130 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_znbBAF1xumJ2"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_z65gp22x5px2" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">5 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">10 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000243813Member_zLkuDCcBEKz7" style="width: 22%; text-align: right">132</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_985_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000243813Member_zICbA81HrAl" style="width: 22%; text-align: right">437</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_989_eoef--ExpenseExampleYear05_c20261028__20261028__oef--ClassAxis__custom--C000243813Member_zh3auL0lsPrb" style="width: 22%; text-align: right">765</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_eoef--ExpenseExampleYear10_c20261028__20261028__oef--ClassAxis__custom--C000243813Member_zgLfTkuDeYRe" style="width: 20%; text-align: right">1,690</td><td style="width: 1%; text-align: left"> </td></tr> </table> 132 437 765 1690 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio, since the Fund invested only in instruments that are excluded from portfolio turnover rate calculations. However, if the Fund’s use of derivatives were reflected, the Fund’s portfolio turnover rate would be higher. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2x the inverse (-200%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately -200% of the Fund’s net asset value. The Fund aims to generate the inverse daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the inverse performance of the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money put option contracts, or simultaneously buy an at-the-money put option contract and sell an at-the-money call option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each put option contract bought and receive the premium for each call option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the put and sells the call option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the inverse performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the semi-conductor industry. NVIDIA Corporation pioneers accelerated computing to help solve the most challenging computational problems. NVIDIA Corporation expanded its focus from personal computer graphics to include several other large and important computationally intensive fields, such as artificial intelligence, data science, autonomous vehicles, robotics and augmented and virtual reality. NVDA is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by NVDA pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 000-23985 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding NVDA Corporation may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance decreases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of NVIDIA Corporation. The common stock of NVIDIA Corporation (NVDA) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by NVIDIA Corporation pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding NVIDIA Corporation may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the semiconductor sector. The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by NVIDIA Corporation’s ability to identify new products, technologies or services, global competition and business conditions, its dependence on third-party product manufacturers, product defect issues, cybersecurity breaches, and customer concentration. The Underlying Stock may also be affected by risks that affect the broader technology sector, including: government regulation; dramatic and often unpredictable changes in growth rates and competition for qualified personnel; heavy dependence on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability; and a small number of companies representing a large portion of the technology sector as a whole. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the daily inverse returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate inverse daily returns. For a Fund aiming to replicate the inverse performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 17.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Inverse Fund would be expected to lose 95.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Inverse Fund can be expected to return less than -200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of the Underlying Stock. The Inverse Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td rowspan="3" style="border-top: black 1pt solid; border-right: black 1pt dotted; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap">One Year Performance of the Underlying Stock</td> <td rowspan="3" style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap">-200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td rowspan="2" style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap">10% </td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"> </td> <td rowspan="2" style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap">50% </td> <td rowspan="2" style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap">75% </td> <td rowspan="2" style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap">100% </td> <td rowspan="2" style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap">125% </td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap">25% </td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap">150% </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 13%; text-align: center">-95%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 25%; text-align: center">190%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 10%; background-color: #C5E0B3; text-align: center">36110.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 10%; background-color: #C5E0B3; text-align: center">31935.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 10%; background-color: #C5E0B3; text-align: center">18570.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 8%; background-color: #C5E0B3; text-align: center">7461.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 8%; background-color: #C5E0B3; text-align: center">2021.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 8%; background-color: #C5E0B3; text-align: center">292.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 8%; background-color: #DA8E86; text-align: center">-53.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">9182.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">7895.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">4554.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">1756.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">406.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-8.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-89.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">2261.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">1930.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">1074.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">367.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">23.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-78.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">962.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">810.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">421.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">108.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-45.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-90.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">500.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">415.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">196.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">15.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-69.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-94.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">286.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">230.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">89.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-25.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-80.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-96.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">168.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">130.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">31.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-48.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-97.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">98.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">69.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-62.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-90.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-98.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">51.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">29.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-26.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-71.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-98.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">2.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-41.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-77.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-2.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-52.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-81.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-95.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-84.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-96.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-32.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-42.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-67.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-87.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-96.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-42.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-51.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-89.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-97.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-50.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-57.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-76.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-90.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-97.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-56.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-79.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-92.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-62.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-67.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-81.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-66.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-71.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-83.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-70.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-74.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-73.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-77.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-95.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-200%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-74.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-78.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-95.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 52.84%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 65.27% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 58.08%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from -200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect -200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Short Sale Exposure Risk: The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock increases more than 50%. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsRiskMember_zXgGrRLTHXn9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate -2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: The Fund does not have performance history for a full calendar year. Once the Fund has completed a full calendar year of investment operations, this section will include charts that show annual total returns, highest and lowest quarterly returns and average annual total returns (before and after taxes) compared to a benchmark index selected for the Fund. Updated performance information is available online at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_905_eoef--PerformanceAvailabilityWebSiteAddress_c20261028__20261028__dei--LegalEntityAxis__custom--S000081142Member_zXZKFnjVNRub">www.graniteshares.com or by calling 844-476-8747. <img alt="" src="form485bpos_pg716.jpg"/> During the periods shown in the bar chart above, the Fund’s highest quarterly return was 15.70% (quarter ended March 31, 2025) and the Fund’s lowest quarterly return was -73.44% (quarter ended March 31, 2024). The calendar year-to-date total return of the Fund as of September 30, 2026, was -49.23%. www.graniteshares.com 844-476-8747 highest quarterly return 0.1570 2025-03-31 lowest quarterly return -0.7344 2024-03-31 year-to-date total return 2026-09-30 -0.4923 Average Annual Total Returns for the Periods Ended December 31, 2025 <div id="xdx_A8C_eoef--PerformanceTableTextBlock_zybyd9dVYR0j"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zXdpcexXWoj3" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20250101__20251231__dei--LegalEntityAxis__custom--S000081142Member_zinNsH2z8Dzh" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20230821__20230821__dei--LegalEntityAxis__custom--S000081142Member_zB1hUvCyxE9k" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Since Inception (08/21/2023)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_zlPhhYWLvId8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; width: 60%; text-align: left; padding-bottom: 1pt">Return Before Taxes</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 16%; text-align: right">-73.30</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">%</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 16%; text-align: right">-82.56</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z6zcvDVgxDue" style="vertical-align: bottom; background-color: White"> <td style="text-decoration: underline; text-align: left; padding-bottom: 1pt">Return After Taxes on Distributions</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-74.47</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-83.54</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zbeRoDa90sO4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; text-align: left; padding-bottom: 1pt">Return After Taxes on Distributions and Sale of Fund Shares</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-43.40</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-42.87</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500TotalReturnIndexMember_zFTYOYD7s0n6" style="vertical-align: bottom; background-color: White"> <td style="text-decoration: underline; text-align: left; padding-bottom: 1pt">S&P 500 Total Return Index (reflects no deduction for fees, expenses or taxes)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">17.88</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">22.25</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> </table> 2023-08-21 -0.7330 -0.8256 -0.7447 -0.8354 -0.4340 -0.4287 0.1788 0.2225 Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the ADR of Novo Nordisk A/S (NYSE: NVO). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_zXbnW9F1jV2l"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_ztn4FQUkz50k" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Management Fee</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_496_20261028__20261028__oef--ClassAxis__custom--C000254489Member_zbmFy7U6FuVl" style="font: 10pt Times New Roman, Times, Serif; text-align: right">1.30</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_404_eoef--ManagementFeesOverAssets_dp_zokBdzpiDHM3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 80%; text-align: left">Management Fee</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right">1.30</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">%</td></tr> <tr id="xdx_409_eoef--DistributionAndService12b1FeesOverAssets_dp_z1YRQYpQZGJ6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Distribution and/or Service (12b-1) Fees</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.00</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr id="xdx_40A_eoef--OtherExpensesOverAssets_dp_zIKm2ajM4Ud7" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Other Expenses (1)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.06</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr id="xdx_402_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zvw18n9DLOt4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0.03</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_406_eoef--ExpensesOverAssets_iT_dp_z88CdDhN4QOj" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1.39</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_403_eoef--FeeWaiverOrReimbursementOverAssets_dp_zomFxLv6WTy4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements (4)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_409_eoef--NetExpensesOverAssets_iT_dp_zvNLE3CqrXze" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1.39</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0130 0.0000 0.0006 0.0003 0.0139 0.0139 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A87_eoef--ExpenseExampleWithRedemptionTableTextBlock_zm6D9E0axeth"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zomVFxfyh4z9" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">1 Year</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">3 Years</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td id="xdx_986_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000254489Member_zvKYNcJtIUba" style="font: 10pt Times New Roman, Times, Serif; width: 47%; text-align: right">145</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td id="xdx_983_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000254489Member_zz120wgEjyue" style="font: 10pt Times New Roman, Times, Serif; width: 47%; text-align: right">474</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> </table> 145 474 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet been launched. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2 times (200%) the daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate the inverse daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the daily performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the pharmaceutical industry. Novo Nordisk A/S is a healthcare company engaged in diabetes care. NVO is also engaged in the discovery, development, manufacturing and marketing of pharmaceutical products. NVO is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by NVO pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-82318 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding NVO may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and does not relate to the shares of or other securities of Novo Nordisk A/S (NVO). The Fund has derived all disclosures contained in this document regarding NVO from the publicly available documents. The Fund references the Underlying Stock which is an ADR. ADRs provide U.S. investors access to foreign stocks on domestic exchanges but can exhibit pricing differences compared to the underlying foreign stocks. These differences stem from factors such as currency fluctuations, market dynamics, liquidity variances, and tax implications. Additionally, corporate actions and ADR fees and expenses can contribute to disparities in pricing between ADRs and the foreign stocks they represent. NVO is registered as a foreign private issuer under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC related to NVO pursuant to the Exchange Act can be located by reference to the SEC file number 333-82318 through the SEC’s website at www.sec.gov. In addition, information regarding NVO may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the pharmaceutical industry. Pharmaceutical research and development are very costly and highly uncertain; the Underlying Stock may not succeed in developing, licensing, or acquiring commercially successful products sufficient in number or value to replace revenues of products that have lost or will lose intellectual property protection or are displaced by competing products or therapies. The Underlying Stock and its products face intense competition from multinational pharmaceutical companies, biotechnology companies, and lower-cost generic and biosimilar manufacturers, and such competition could have a material adverse effect on the Underlying Stock’s business. The Underlying Stock’s business is subject to increasing government price controls and other public and private restrictions on pricing, reimbursement, and access for the Underlying Stock’s drugs, which could have a material adverse effect on the Underlying Stock’s results of operations, reputation or business. Pharmaceutical products can develop safety or efficacy concerns, which could have a material adverse effect on Underlying Stock’s revenues, income, and reputation. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_z6tQ6uaOGyba" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the daily leverage returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate daily leverage returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 17.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Inverse Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Inverse Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 38%; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 20%; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-180%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-160%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-140%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-120%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-50%</td> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-100%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 39.43%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 56.21% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 0.14%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zNoETGNa2Dua" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_z41LeMkHHeo7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Denmark Investing Risk: Investments in a Danish issuer will subject the Fund to legal, regulatory, political, currency, security, and economic risks specific to Denmark. Denmark’s industrialized market economy depends on imported raw materials and foreign trade. As a result, Denmark is dependent on trading relationships with certain key trading partners, including other EU countries and the U.S. Denmark’s economy has also been characterized by slow growth and is facing demographic challenges, including an aging population, that could lead to labor supply shortages in the near future. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” and “Leverage Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_90A_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000088291Member_zz17bB4AetEd">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus Investment Objective The Fund seeks daily investment results, before fees and expenses, of -2 times (-200%) the daily percentage change of the ADR of Novo Nordisk A/S (NYSE: NVO). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A8C_eoef--AnnualFundOperatingExpensesTableTextBlock_zvx2FZRxKFre"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zgMIiACDVnj2" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Management Fee</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_49D_20261028__20261028__oef--ClassAxis__custom--C000254504Member_zizs78or3iK8" style="font: 10pt Times New Roman, Times, Serif; text-align: right">1.30</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_402_eoef--ManagementFeesOverAssets_dp_zNv2oBhnvWJ6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 80%; text-align: left">Management Fee</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right">1.30</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_z7AYx61G1E3a" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Distribution and/or Service (12b-1) Fees</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.00</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp_zR1YwWbP07Jl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Other Expenses (1)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.06</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zk6Rc3rWLJ3a" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0.03</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_iT_dp_ztf1MTLof7Kb" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1.39</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dp_zp21aS61JJ5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements (4)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_iT_dp_zAO0MK6iWeea" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1.39</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0130 0.0000 0.0006 0.0003 0.0139 0.0139 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A89_eoef--ExpenseExampleWithRedemptionTableTextBlock_zUyd0KESEeS4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zM41HMnM2jV7" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">1 Year</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">3 Years</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td id="xdx_987_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000254504Member_zIeAiM5LjLGi" style="font: 10pt Times New Roman, Times, Serif; width: 47%; text-align: right">145</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td id="xdx_987_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000254504Member_zeuMPTUkag7" style="font: 10pt Times New Roman, Times, Serif; width: 47%; text-align: right">474</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> </table> 145 474 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet been launched. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2x the inverse (-200%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately -200% of the Fund’s net asset value. The Fund aims to generate the inverse daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money put option contracts, or simultaneously buy an at-the-money put option contract and sell an at-the-money call option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each put option contract bought and receive the premium for each call option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the put and sells the call option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the inverse performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the pharmaceutical industry. Novo Nordisk A/S is a healthcare company engaged in diabetes care. NVO is also engaged in the discovery, development, manufacturing and marketing of pharmaceutical products. NVO is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by NVO pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-82318 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding NVO may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance decreases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and does not relate to the shares of or other securities of Novo Nordisk A/S (NVO). The Fund has derived all disclosures contained in this document regarding NVO from the publicly available documents. The Fund references the Underlying Stock which is an ADR. ADRs provide U.S. investors access to foreign stocks on domestic exchanges but can exhibit pricing differences compared to the underlying foreign stocks. These differences stem from factors such as currency fluctuations, market dynamics, liquidity variances, and tax implications. Additionally, corporate actions and ADR fees and expenses can contribute to disparities in pricing between ADRs and the foreign stocks they represent. NVO is registered as a foreign private issuer under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC related to NVO pursuant to the Exchange Act can be located by reference to the SEC file number 333-82318 through the SEC’s website at www.sec.gov. In addition, information regarding NVO may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the pharmaceutical industry. Pharmaceutical research and development are very costly and highly uncertain; the Underlying Stock may not succeed in developing, licensing, or acquiring commercially successful products sufficient in number or value to replace revenues of products that have lost or will lose intellectual property protection or are displaced by competing products or therapies. The Underlying Stock and its products face intense competition from multinational pharmaceutical companies, biotechnology companies, and lower-cost generic and biosimilar manufacturers, and such competition could have a material adverse effect on the Underlying Stock’s business. The Underlying Stock’s business is subject to increasing government price controls and other public and private restrictions on pricing, reimbursement, and access for the Underlying Stock’s drugs, which could have a material adverse effect on the Underlying Stock’s results of operations, reputation or business. Pharmaceutical products can develop safety or efficacy concerns, which could have a material adverse effect on Underlying Stock’s revenues, income, and reputation. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zUbWm1mfGAA" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the daily inverse returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate inverse daily returns. For a Fund aiming to replicate the inverse performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 17.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Inverse Fund would be expected to lose 95.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Inverse Fund can be expected to return less than -200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of the Underlying Stock. The Inverse Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; text-align: center">-200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 38%; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 20%; text-align: center">190%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">36110.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">31935.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">18570.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">7461.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">2021.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">292.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #DA8E86; text-align: center">-53.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">9182.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">7895.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">4554.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">1756.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">406.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-8.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-89.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">2261.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">1930.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">1074.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">367.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">23.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-78.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">962.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">810.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">421.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">108.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-45.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-90.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">500.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">415.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">196.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">15.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-69.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-94.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">286.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">230.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">89.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-25.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-80.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-96.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">168.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">130.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">31.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-48.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-97.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">98.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">69.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-62.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-90.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-98.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">51.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">29.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-26.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-71.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-98.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">2.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-41.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-77.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-2.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-52.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-81.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-95.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-84.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-96.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-32.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-42.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-67.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-87.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-96.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-42.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-51.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-89.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-97.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-50.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-57.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-76.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-90.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-97.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-56.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-79.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-92.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-62.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-67.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-81.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-66.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-71.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-83.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-70.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-74.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-73.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-77.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-95.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-200%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-74.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-78.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-95.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 39.43%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 56.21% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 0.14%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from -200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect -200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Short Sale Exposure Risk: The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock increases more than 50%. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zTdoXIEGwke3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zhLddYsl19Yi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Denmark Investing Risk: Investments in a Danish issuer will subject the Fund to legal, regulatory, political, currency, security, and economic risks specific to Denmark. Denmark’s industrialized market economy depends on imported raw materials and foreign trade. As a result, Denmark is dependent on trading relationships with certain key trading partners, including other EU countries and the U.S. Denmark’s economy has also been characterized by slow growth and is facing demographic challenges, including an aging population, that could lead to labor supply shortages in the near future. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate -2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_90D_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000088306Member_zJTiEpH6W3Db">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Oklo Inc. (NYSE: OKLO). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_zSGIRbDM4xza"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zVJwjf1ODCM5" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Management Fee</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_498_20261028__20261028__oef--ClassAxis__custom--C000262876Member_zxRH8oCTasBj" style="font: 10pt Times New Roman, Times, Serif; text-align: right">1.30</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_zgRGCLbtynK5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 80%; text-align: left">Management Fee</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right">1.30</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_zolOkHi6bj7a" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Distribution and/or Service (12b-1) Fees</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.00</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp_z5cAWzVsE1Xi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Other Expenses (1)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.06</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zFHs865KeuWg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0.03</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_iT_dp_z9grHg9V4tfl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1.39</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dp_zBI4J4pdAVsd" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements (4)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_iT_dp_ztOyulVBXvh6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1.39</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0130 0.0000 0.0006 0.0003 0.0139 0.0139 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A80_eoef--ExpenseExampleWithRedemptionTableTextBlock_zdTAZh9aqqS9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zMByXRbFUvHh" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">1 Year</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">3 Years</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td id="xdx_986_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000262876Member_zW5xrHJ0Zet5" style="font: 10pt Times New Roman, Times, Serif; width: 47%; text-align: right">145</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td id="xdx_981_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000262876Member_z8NWg7gkM9t2" style="font: 10pt Times New Roman, Times, Serif; width: 47%; text-align: right">474</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> </table> 145 474 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet been launched. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2 times (200%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock in a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 30% and 45% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transaction, which is a transaction under which the purchaser (i.e., the Fund) acquires a security and the seller agrees, at the time of the sale, to repurchase the security at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) equity or fixed income securities for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the daily performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the electric utility industry. Oklo Inc. is an advanced nuclear technology company. It is engaged in developing fast fission power plants to provide clean, reliable, and affordable energy at scale. Oklo Inc. is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Oklo Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-287113 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Oklo Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Oklo Inc. The common stock of Oklo Inc. is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Oklo Inc. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Oklo Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the electric utility industry. Companies in the electric utility industry are subject to many risks that can negatively impact their revenue and viability including, but are not limited to supply and demand, operating costs, government regulation, environmental factors, liabilities for environmental damage and general civil liabilities, and rate caps or rate changes. Although rate changes of a regulated utility usually fluctuate in approximate correlation with financing costs, due to political and regulatory factors rate changes ordinarily occur only following a delay after the changes in financing costs. This factor will tend to favorably affect a regulated utility company’s earnings and dividends in times of decreasing costs, but conversely, will tend to adversely affect earnings and dividends when costs are rising. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zlogAiGnfNnk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the daily leverage returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate daily leverage returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"> 10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 45%; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 20%; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-180%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-160%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-140%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-120%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-50%</td> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-100%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 89.50%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 152.73% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 32.74%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zNtuYKxKEGri" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zHj4qQ0iPg11" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” and “Leverage Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_908_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000094374Member_zKoFF3fr10df">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Palo Alto Networks Inc. (NASDAQ: PANW). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A8A_eoef--AnnualFundOperatingExpensesTableTextBlock_zkI9qGgI5d3e"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zzqqTJMl5GGg" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Management Fee</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_491_20261028__20261028__oef--ClassAxis__custom--C000254490Member_z8ZQfgpuJwRl" style="font: 10pt Times New Roman, Times, Serif; text-align: right">1.30</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_z23cpthHAWY8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 80%; text-align: left">Management Fee</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right">1.30</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_zFykQsvsxwS9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Distribution and/or Service (12b-1) Fees</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.00</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp_zNJxh12BP7l8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Other Expenses (1)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.06</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zxli9VlaK7ib" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0.03</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_iT_dp_zNx65rrEjMx1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1.39</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dp_zhGaXx4y2OGa" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements (4)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_iT_dp_zrblAwc5tsWh" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1.39</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0130 0.0000 0.0006 0.0003 0.0139 0.0139 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A81_eoef--ExpenseExampleWithRedemptionTableTextBlock_zoooxbFmnyi7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zzj3jd1wwV52" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">1 Year</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">3 Years</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td id="xdx_98A_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000254490Member_zhOZfNDO3SFh" style="font: 10pt Times New Roman, Times, Serif; width: 47%; text-align: right">145</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td id="xdx_980_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000254490Member_zIXSBxeE0i59" style="font: 10pt Times New Roman, Times, Serif; width: 47%; text-align: right">474</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> </table> 145 474 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet been launched. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2 times (200%) the daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock in a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the daily performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the software and information technology industry. Palo Alto Networks, Inc. is a global cybersecurity provider. PAWN is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by PAWN pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-35594 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding PAWN may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Palo Alto Networks Inc. The common stock of Palo Alto Networks, Inc. (PAWN) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Palo Alto Networks, Inc. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Palo Alto Networks, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the software and information technology industry. The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by global markets and demand for its products and services, its ability to develop new products and services, inventory levels, supply chain issues, the performance of third-party software developers, system and network failures, privacy and cybersecurity breaches and changes in international and government regulations. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology industry may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zudEQjddRgi4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the daily leverage returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Inverse Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Inverse Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 38%; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 20%; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-180%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-160%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-140%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-120%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-50%</td> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-100%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 42.94%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 49.93% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 37.87%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect -100% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. The COVID-19 pandemic and the aggressive responses taken by many governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines or similar restrictions, as well as the forced or voluntary closure of, or operational changes to, many retail and other businesses, had negative impacts, and in many cases severe negative impacts, on markets worldwide. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_z0kqizCnxCA" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zko5LKOYvI2a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” and “Leverage Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_90F_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000088292Member_zxaVEjHg0hw2">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus Investment Objective The Fund seeks daily investment results, before fees and expenses, of -2 times (-200%) the daily percentage change of the common stock of Palo Alto Networks Inc. (NASDAQ: PANW). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A80_eoef--AnnualFundOperatingExpensesTableTextBlock_zJAsPp3KvcXk"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_ztx8Q2UAY8Yf" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Management Fee</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_49A_20261028__20261028__oef--ClassAxis__custom--C000254505Member_z7dJx5kQ7yB2" style="font: 10pt Times New Roman, Times, Serif; text-align: right">1.30</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_zXFhznRnPDhf" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 80%; text-align: left">Management Fee</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right">1.30</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_zL9Zb9klsOG7" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Distribution and/or Service (12b-1) Fees</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.00</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp_z8Bkuu4x2r7i" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Other Expenses (1)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.06</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zfPVjtx2FK4b" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0.03</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_iT_dp_zUMunxVp8eQ4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1.39</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dp_z22ft2KMHhak" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements (4)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_iT_dp_zsC9OLUBEUEc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1.39</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0130 0.0000 0.0006 0.0003 0.0139 0.0139 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_zzbEN3zqqVwk"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_z07n2IhmAoV9" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">1 Year</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">3 Years</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td id="xdx_980_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000254505Member_zkmeqzLBthqk" style="font: 10pt Times New Roman, Times, Serif; width: 47%; text-align: right">145</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td id="xdx_98C_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000254505Member_zqobaRSnUKye" style="font: 10pt Times New Roman, Times, Serif; width: 47%; text-align: right">474</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> </table> 145 474 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet been launched. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2x the inverse (-200%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately -200% of the Fund’s net asset value. The Fund aims to generate the inverse daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money put option contracts, or simultaneously buy an at-the-money put option contract and sell an at-the-money call option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each put option contract bought and receive the premium for each call option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the put and sells the call option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the inverse performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the software and information technology industry. Palo Alto Networks, Inc. is a global cybersecurity provider. PAWN is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by PAWN pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-35594 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding PAWN may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance decreases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Palo Alto Networks Inc. The common stock of Palo Alto Networks, Inc. (PAWN) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Palo Alto Networks, Inc. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Palo Alto Networks, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the software and information technology industry. The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by global markets and demand for its products and services, its ability to develop new products and services, inventory levels, supply chain issues, the performance of third-party software developers, system and network failures, privacy and cybersecurity breaches and changes in international and government regulations. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology industry may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zhQNukiEAdWk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the daily inverse returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate inverse daily returns. For a Fund aiming to replicate the inverse performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 17.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Inverse Fund would be expected to lose 95.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Inverse Fund can be expected to return less than -200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of the Underlying Stock. The Inverse Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 38%; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 20%; text-align: center">190%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">36110.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">31935.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">18570.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">7461.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">2021.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">292.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #DA8E86; text-align: center">-53.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">9182.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">7895.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">4554.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">1756.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">406.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-8.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-89.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">2261.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">1930.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">1074.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">367.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">23.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-78.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">962.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">810.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">421.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">108.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-45.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-90.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">500.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">415.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">196.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">15.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-69.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-94.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">286.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">230.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">89.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-25.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-80.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-96.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">168.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">130.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">31.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-48.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-97.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">98.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">69.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-62.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-90.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-98.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">51.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">29.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-26.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-71.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-98.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">2.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-41.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-77.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-2.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-52.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-81.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-95.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-84.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-96.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-32.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-42.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-67.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-87.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-96.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-42.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-51.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-89.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-97.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-50.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-57.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-76.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-90.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-97.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-56.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-79.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-92.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-62.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-67.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-81.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-66.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-71.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-83.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-70.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-74.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-73.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-77.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-95.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">-200%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-74.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-78.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-95.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 42.94%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 49.93% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 37.87%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from -200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect -200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Short Sale Exposure Risk: The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock increases more than 50%. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_z0T9UYtFhu3h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_z51sQ6FVmc2a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate -2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_900_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000088307Member_zOpIcxnDExXa">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of PDD Holdings Inc. (NASDAQ: PDD). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A87_eoef--AnnualFundOperatingExpensesTableTextBlock_z56mIZW0zL7d"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zjpRyLYnR8ui" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_497_20261028__20261028__oef--ClassAxis__custom--C000258304Member_zg5rBN7qhrmi" style="text-align: right">1.30</td><td style="text-align: left">%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_zu1C1jHVEbW7" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 80%; text-align: left">Management Fee</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right">1.30</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_ziwVXBhA9ask" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Distribution and/or Service (12b-1) Fees</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.00</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp_zwiYogXXQMPl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Other Expenses (1)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.78</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zjV4PQqSQ4Q8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0.03</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_iT_dp_z4sW4c48CJKl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">2.11</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dp_zbXrpT70oiY9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements/Fees Paid Indirectly (4), (5)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-0.58</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_iT_dp_zwDWZcdr1vg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4), (5)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1.53</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are based on actual amounts incurred during the Fund’s fiscal period ended June 30, 2026.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s fiscal year ending June 30, 2027.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_F07_zKXFQqenu284" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(5)</td> <td id="xdx_F15_znFTjjIYhdIa" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The Funds’ have a fee arrangement with its custodian which provides for custody fees to be reduced by Create/Redeem credits received by the custodian from Authorized Participants.</td></tr> </table> 0.0130 0.0000 0.0078 0.0003 0.0211 -0.0058 0.0153 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A81_eoef--ExpenseExampleWithRedemptionTableTextBlock_zBS1TD61wpj6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_z7O9K4MSnkp9" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">1 Year</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">3 Years</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">5 Years</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">10 Years</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td id="xdx_983_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000258304Member_zvaew6fGB333" style="font: 10pt Times New Roman, Times, Serif; width: 22%; text-align: right">156</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td id="xdx_98B_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000258304Member_zvIkedjIY4k3" style="font: 10pt Times New Roman, Times, Serif; width: 22%; text-align: right">605</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td id="xdx_985_eoef--ExpenseExampleYear05_c20261028__20261028__oef--ClassAxis__custom--C000258304Member_zPNK5Ss6K2n3" style="font: 10pt Times New Roman, Times, Serif; width: 22%; text-align: right">1,080</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td id="xdx_98D_eoef--ExpenseExampleYear10_c20261028__20261028__oef--ClassAxis__custom--C000258304Member_zevrUsPpyX01" style="font: 10pt Times New Roman, Times, Serif; width: 20%; text-align: right">2,392</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> </table> 156 605 1080 2392 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio, since the Fund invested only in instruments that are excluded from portfolio turnover rate calculations However, if the Fund’s use of derivatives were reflected, the Fund’s portfolio turnover rate would be higher. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2 times (200%) the daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the daily performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the e-commerce industry. PDD Holdings Inc. is a multinational commerce company that owns and operates a portfolio of businesses. PDD Holdings Inc. is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by PDD Holdings Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-38591 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding PDD Holdings Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and does not relate to the shares of or other securities of PDD Holdings Inc. The Fund has derived all disclosures contained in this document regarding PDD Holdings Inc. from the publicly available documents. The Fund references the Underlying Stock which is an ADR. ADRs provide U.S. investors access to foreign stocks on domestic exchanges but can exhibit pricing differences compared to the underlying foreign stocks. These differences stem from factors such as currency fluctuations, market dynamics, liquidity variances, and tax implications. Additionally, corporate actions and ADR fees and expenses can contribute to disparities in pricing between ADRs and the foreign stocks they represent. PDD Holdings Inc. is registered as a foreign private issuer under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC related to PDD Holdings Inc. pursuant to the Exchange Act can be located by reference to the SEC file number 001-38591 through the SEC’s website at www.sec.gov. In addition, information regarding PDD Holdings Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the e-commerce industry. The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by competition in the global e-commerce market, government regulations in China and other international markets affecting its platforms and operations, consumer spending trends and demand for online retail services, its ability to attract and retain merchants and consumers on its platforms, cybersecurity risks, and currency exchange rate fluctuations. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zYaNFnCUXJH5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the daily leverage returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"> 10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 45%; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 20%; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-180%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-160%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-140%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-120%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-50%</td> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-100%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 67.40%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 112.36% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was -4.69%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily leverage performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zq0eyTVKEpn7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zjfMqa66RED4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” and “Leverage Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: The Fund has not yet completed a full calendar year as of the date of this prospectus and therefore does not have a performance history for a full calendar year. Once available, the Fund’s performance information will be accessible on the Fund’s website at www.graniteshares.com and will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance and by showing how the Fund’s returns compare with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.graniteshares.com The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Palantir Technologies Inc. (NASDAQ: PLTR). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A85_eoef--AnnualFundOperatingExpensesTableTextBlock_zohNrpVbaIZ6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zhj2TaBcr744" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_498_20261028__20261028__oef--ClassAxis__custom--C000236091Member_zyWde08BYrSh" style="text-align: right">1.30</td><td style="text-align: left">%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_zT83yv8ShpJ8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 80%; text-align: left">Management Fee</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right">0.99</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_zvsuyFfwLSrl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Distribution and/or Service (12b-1) Fees</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.00</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp_z2Zm7d2HvYub" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Other Expenses (1)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.58</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zIBXDnkSQ1md" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0.03</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_iT_dp_zdxUaJNM3QEe" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1.60</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dp_zB3FAoGJVnQ9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements/Fees Paid Indirectly (4), (5)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-0.02</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_iT_dp_ze3e2briZYwf" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4), (5)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1.58</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are based on actual amounts incurred during the Fund’s fiscal period ended June 30, 2026 which includes Interest Expense of 0.54% related to margin posted by the swap counterparties.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s fiscal year ending June 30, 2027.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.15%. This agreement is effective until December 31, 2027 and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_F06_ztLU9LbbJUfb" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(5)</td> <td id="xdx_F14_zsZKcCGzLMeg" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The Funds’ have a fee arrangement with its custodian which provides for custody fees to be reduced by Create/Redeem credits received by the custodian from Authorized Participants.</td></tr> </table> 0.0099 0.0000 0.0058 0.0003 0.0160 -0.0002 0.0158 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A89_eoef--ExpenseExampleWithRedemptionTableTextBlock_zCUpzkYsCK15"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_znYHA2v0QQIk" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">1 Year</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">3 Years</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">5 Years</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">10 Years</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td id="xdx_989_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000236091Member_zsV1xWF8HOHh" style="font: 10pt Times New Roman, Times, Serif; width: 22%; text-align: right">161</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td id="xdx_989_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000236091Member_zDyM9moYxfNf" style="font: 10pt Times New Roman, Times, Serif; width: 21%; text-align: right">503</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td id="xdx_989_eoef--ExpenseExampleYear05_c20261028__20261028__oef--ClassAxis__custom--C000236091Member_zIBG546TPEqi" style="font: 10pt Times New Roman, Times, Serif; width: 22%; text-align: right">868</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td id="xdx_987_eoef--ExpenseExampleYear10_c20261028__20261028__oef--ClassAxis__custom--C000236091Member_zgmQStIgDvX7" style="font: 10pt Times New Roman, Times, Serif; width: 21%; text-align: right">1,896</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> </table> 161 503 868 1896 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio, since the Fund invested only in instruments that are excluded from portfolio turnover rate calculations. However, if the Fund’s use of derivatives were reflected, the Fund’s portfolio turnover rate would be higher. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2 times (200%) the daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the daily performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the computer software industry. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Palantir Technologies, Inc. The common stock of Palantir Technologies, Inc. (PLTR) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Palantir Technologies, Inc. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Palantir Technologies, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by significant customer losses, its inability to develop and implement new technologies, its reliance on third-party distributors and platforms, cybersecurity attacks, its inability to protect its intellectual property rights and global laws and regulations affecting privacy, data protection and technology protections. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zZGpGc5tETGd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the leveraged daily returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to track indices that replicate leveraged daily returns. For a Fund aiming to replicate 1.25 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 47%; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 18%; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-180%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-160%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-140%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-120%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-50%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-100%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 68.06%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 77.37% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 48.05%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--SoftwareAndInformationTechnologyCompanyRiskMember_zjIkGno9OIJ1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Software and Information Technology Company Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the software and information technology sector. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation, and competition, both domestically and internationally, including competition from competitors with lower production costs. In addition, many information technology companies have limited product lines, markets, financial resources or personnel. The prices of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile and less liquid than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objective as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” and “Leverage Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: The following performance information indicates some of the risks of investing in the Fund. The bar chart shows the Fund’s performance from year to year. The table illustrates how the Fund’s average annual returns for the 1-year and since inception periods compared with those of a broad measure of market performance. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Updated performance information is also available on the Fund’s website at www.graniteshares.com or by calling the Fund toll free at 844-476-8747. <img alt="" src="form485bpos_pg787.jpg"/> During the periods shown in the bar chart above, the Fund’s highest quarterly return was 119.27% (quarter ended June 30, 2025) and the Fund’s lowest quarterly return was -13.18% (quarter ended December 31, 2025). The calendar year-to-date total return of the Fund as of September 30, 2026, was -21.26%. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. www.graniteshares.com 844-476-8747 highest quarterly return 1.1927 2025-06-30 lowest quarterly return -0.1318 2025-12-31 year-to-date total return 2026-09-30 -0.2126 Average Annual Total Returns for the Periods Ended December 31, 2025 <div id="xdx_A82_eoef--PerformanceTableTextBlock_zHnkFqt7Mmol"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zcP7gmgNjwj1" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">1 Year</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Since Inception (09/03/2024)</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-decoration: underline; width: 60%; text-align: left; padding-bottom: 1pt">Return Before Taxes</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td id="xdx_987_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__dei--LegalEntityAxis__custom--S000076345Member_z9QfkrTZtuX4" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right">222.51</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td id="xdx_98E_eoef--AvgAnnlRtrPct_dp_c20240903__20240903__dei--LegalEntityAxis__custom--S000076345Member_zKbBEKQ6OXtf" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right">743.26</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left">%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-decoration: underline; text-align: left; padding-bottom: 1pt">Return After Taxes on Distributions</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98C_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__dei--LegalEntityAxis__custom--S000076345Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z3lFDyBVcXxe" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">215.77</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98C_eoef--AvgAnnlRtrPct_dp_c20240903__20240903__dei--LegalEntityAxis__custom--S000076345Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zzX3XpH4y7dh" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">729.92</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-decoration: underline; text-align: left; padding-bottom: 1pt">Return After Taxes on Distributions and Sale of Fund Shares</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98A_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__dei--LegalEntityAxis__custom--S000076345Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zgBMatootp4i" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">132.03</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98C_eoef--AvgAnnlRtrPct_dp_c20240903__20240903__dei--LegalEntityAxis__custom--S000076345Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zXv8Ei75zm8d" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">590.99</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-decoration: underline; text-align: left; padding-bottom: 1pt">S&P 500 Total Return Index (reflects no deduction for fees, expenses or taxes)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98F_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__dei--LegalEntityAxis__custom--S000076345Member__oef--PerformanceMeasureAxis__custom--SAndP500TotalReturnIndexMember_zMUICgzb2Fc" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">17.88</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98E_eoef--AvgAnnlRtrPct_dp_c20240903__20240903__dei--LegalEntityAxis__custom--S000076345Member__oef--PerformanceMeasureAxis__custom--SAndP500TotalReturnIndexMember_zjFfJUbhTjo8" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">19.00</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">%</td></tr> </table> 2024-09-03 2024-09-03 2.2251 7.4326 2.1577 7.2992 1.3203 5.9099 0.1788 0.1900 Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Philip Morris International Inc. (NYSE: PM). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A86_eoef--AnnualFundOperatingExpensesTableTextBlock_zK1NNqNtaSZe"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_znkBNY2hUo0a" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_49E_20261028__20261028__oef--ClassAxis__custom--C000262877Member_zr2PxXgmqczf" style="text-align: right">1.30</td><td style="text-align: left">%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_zvJ0fyh8DkSd" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 80%; text-align: left">Management Fee</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right">1.30</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_zbtjFUZlvA13" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Distribution and/or Service (12b-1) Fees</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.00</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp_zYSoYJdEQVrd" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Other Expenses (1)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.06</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zMpH9wErzKqg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0.03</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_iT_dp_zUmqXOxq2OHa" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1.39</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dp_z4CVBmJE4U8h" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements (4)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_iT_dp_zAY2iNQqw8qc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1.39</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0130 0.0000 0.0006 0.0003 0.0139 0.0139 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A83_eoef--ExpenseExampleWithRedemptionTableTextBlock_zICOpDDP3ure"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zfTEGU7Ew549" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">1 Year</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">3 Years</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td id="xdx_98A_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000262877Member_zdcty3tLmgPf" style="font: 10pt Times New Roman, Times, Serif; width: 47%; text-align: right">145</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td id="xdx_98C_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000262877Member_zGQmBsaRwUoc" style="font: 10pt Times New Roman, Times, Serif; width: 47%; text-align: right">474</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> </table> 145 474 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet been launched. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2 times (200%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock in a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 30% and 45% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transaction, which is a transaction under which the purchaser (i.e., the Fund) acquires a security and the seller agrees, at the time of the sale, to repurchase the security at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) equity or fixed income securities for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the daily performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the consumer staples industry. Philip Morris International Inc. is an international tobacco company. Its product portfolio primarily consists of cigarettes and smoke-free products. Philip Morris International Inc. is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Philip Morris International Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-269690 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Philip Morris International Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Philip Morris International Inc. The common stock of Philip Morris International Inc. is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Philip Morris International Inc. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Philip Morris International Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the consumer staples industry. Consumer staples companies are subject to many risks that can negatively impact their revenue and viability including but are not limited to government regulation affecting their products which may negatively impact such companies’ performance. For instance, government regulations may affect the permissibility of using various food additives and production methods of companies that make food products, which could affect company profitability. Tobacco companies may be adversely affected by the adoption of proposed legislation and/or by litigation. Also, the success of food, beverage, household and personal product companies may be strongly affected by consumer interest, marketing campaigns and other factors affecting supply and demand, including performance of the overall domestic and global economy, interest rates, competition and consumer confidence and spending. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_z8nkozGXPHR1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the daily leverage returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate daily leverage returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"> 10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 45%; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 20%; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-180%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-160%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-140%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-120%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-50%</td> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-100%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 23.72%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 29.57% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 17.97%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zOzoTq9mkBs3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zHB5l36cgZ8d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” and “Leverage Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Qualcomm Incorporated (NASDAQ: QCOM). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_zWIQfWdD4tx9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zFoCbO5K0Dqi" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_49C_20261028__20261028__oef--ClassAxis__custom--C000254491Member_zgMvDkKq3AR3" style="text-align: right">1.30</td><td style="text-align: left">%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_zNLLiEbTZyK3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 80%; text-align: left">Management Fee</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right">1.30</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_zh7LpCdPACT2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Distribution and/or Service (12b-1) Fees</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.00</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp_zQv2qMum4e64" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Other Expenses (1)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.15</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr id="xdx_403_ecustom--RecoupmentOfPreviouslyWaivedExpenses_dpn_zO5qJ8p19lT8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Recoupment of previously waived expenses</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.07</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_z5Rz3VjaZVN3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0.03</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_iT_dp_zCvnxVRuH5m1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1.55</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dp_zbMPxh3ar5L5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements/Fees Paid Indirectly (4), (5)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-0.02</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_iT_dp_zo0QZIyQVa5h" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4), (5)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1.53</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are based on actual amounts incurred during the Fund’s fiscal period ended June 30, 2026.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s fiscal year ending June 30, 2027.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_F06_z1b4vPiynle9" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(5)</td> <td id="xdx_F11_zgKMIxiGBwRd" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The Funds’ have a fee arrangement with its custodian which provides for custody fees to be reduced by Create/Redeem credits received by the custodian from Authorized Participants.</td></tr> </table> 0.0130 0.0000 0.0015 0.0007 0.0003 0.0155 -0.0002 0.0153 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8B_eoef--ExpenseExampleWithRedemptionTableTextBlock_zAznUNu9D2V2"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_z5DwQuWsUkB8" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">1 Year</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">3 Years</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">5 Years</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">10 Years</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td id="xdx_98F_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000254491Member_zT27PKWBvvO5" style="font: 10pt Times New Roman, Times, Serif; width: 21%; text-align: right">156</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td id="xdx_98E_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000254491Member_zRhIGvKTuwHl" style="font: 10pt Times New Roman, Times, Serif; width: 22%; text-align: right">487</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td id="xdx_983_eoef--ExpenseExampleYear05_c20261028__20261028__oef--ClassAxis__custom--C000254491Member_zOu1cYtY4gDf" style="font: 10pt Times New Roman, Times, Serif; width: 21%; text-align: right">842</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td id="xdx_98B_eoef--ExpenseExampleYear10_c20261028__20261028__oef--ClassAxis__custom--C000254491Member_z7IjzdNr1rn" style="font: 10pt Times New Roman, Times, Serif; width: 22%; text-align: right">1,841</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> </table> 156 487 842 1841 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio, since the Fund invested only in instruments that are excluded from portfolio turnover rate calculations. However, if the Fund’s use of derivatives were reflected, the Fund’s portfolio turnover rate would be higher. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2 times (200%) the daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and stima eE Xchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the daily performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the semi-conductor industry. Qualcomm Incorporated is engaged in the development and commercialization of technologies for the wireless industry, including third generation (3G), fourth generation (4G) and fifth generation (5G) wireless connectivity, and high-performance and low-power computing, including on-device artificial intelligence. QCOM is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by QCOM pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 000-19528 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding QCOM may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Qualcomm Incorporated. The common stock of Qualcomm Incorporated (QCOM) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Qualcomm Incorporated pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Qualcomm Incorporated may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the semiconductor industry. The risks of investments in the semiconductor industry include: intense competition, both domestically and internationally, including competition from subsidized foreign competitors with lower production costs; wide fluctuations in securities prices due to risks of rapid obsolescence of products; economic performance of the customers of semiconductor companies; their research costs and the risks that their products may not prove commercially successful; capital equipment expenditures that could be substantial and suffer from rapid obsolescence; and thin capitalization and limited product lines, markets, financial resources or personnel. The semiconductor industry may also be affected by risks that affect the broader technology sector, including government regulation; dramatic and often unpredictable changes in growth rates and competition for qualified personnel; heavy dependence on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability; and a small number of companies representing a large portion of the technology sector as a whole. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zIrw9hKuJqrd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the daily leverage returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate daily leverage returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Inverse Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Inverse Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 38%; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 20%; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-180%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-160%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-140%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-120%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-50%</td> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-100%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 42.90%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 53.17% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 5.24%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zEAaUMSi5n6f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_z7m9aYTxXbak" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” and “Leverage Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: The Fund has not yet completed a full calendar year as of the date of this prospectus and therefore does not have a performance history for a full calendar year. Once available, the Fund’s performance information will be accessible on the Fund’s website at www.graniteshares.com and will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance and by showing how the Fund’s returns compare with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.graniteshares.com The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Investment Objective The Fund seeks daily investment results, before fees and expenses, of -2 times (-200%) the daily percentage change of the common stock of Qualcomm Incorporated (NASDAQ: QCOM). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A8D_eoef--AnnualFundOperatingExpensesTableTextBlock_z1j868eiqua5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_z9JaIUttOvF8" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_492_20261028__20261028__oef--ClassAxis__custom--C000254507Member_zE1fQKMe32Ng" style="text-align: right">1.30</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; font-weight: bold">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_zNSpurnVRbma" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_zMOlCSE7HG9l" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp_z3NXBGV8wkih" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.06</td><td style="text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zCLGVYHb4wTa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_iT_dp_zjdrFnMKNt0h" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dp_z4VRnjgRsr6g" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements (4)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_iT_dp_zO9LNU52yNb7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_F08_zh5OcuoDbXVb" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0130 0.0000 0.0006 0.0003 0.0139 0.0139 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A80_eoef--ExpenseExampleWithRedemptionTableTextBlock_zipHoWtL8rSb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zrOBpRvsuDM1" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000254507Member_zyLAg0pdqDf2" style="width: 47%; text-align: right">145</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000254507Member_zaEX5ymfOjOl" style="width: 47%; text-align: right">474</td><td style="width: 1%; text-align: left"> </td></tr> </table> 145 474 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet been launched. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2x the inverse (-200%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately -200% of the Fund’s net asset value. The Fund aims to generate the inverse daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money put option contracts, or simultaneously buy an at-the-money put option contract and sell an at-the-money call option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each put option contract bought and receive the premium for each call option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the put and sells the call option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the inverse performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the semi-conductor industry. Qualcomm Incorporated is engaged in the development and commercialization of technologies for the wireless industry, including third generation (3G), fourth generation (4G) and fifth generation (5G) wireless connectivity, and high-performance and low-power computing, including on-device artificial intelligence. QCOM is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by QCOM pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 000-19528 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding QCOM may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance decreases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Qualcomm Incorporated. The common stock of Qualcomm Incorporated (QCOM) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Qualcomm Incorporated pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Qualcomm Incorporated may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the semiconductor industry. The risks of investments in the semiconductor industry include: intense competition, both domestically and internationally, including competition from subsidized foreign competitors with lower production costs; wide fluctuations in securities prices due to risks of rapid obsolescence of products; economic performance of the customers of semiconductor companies; their research costs and the risks that their products may not prove commercially successful; capital equipment expenditures that could be substantial and suffer from rapid obsolescence; and thin capitalization and limited product lines, markets, financial resources or personnel. The semiconductor industry may also be affected by risks that affect the broader technology sector, including government regulation; dramatic and often unpredictable changes in growth rates and competition for qualified personnel; heavy dependence on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability; and a small number of companies representing a large portion of the technology sector as a whole. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zjsBJoMHMABc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the daily inverse returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate inverse daily returns. For a Fund aiming to replicate the inverse performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 17.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Inverse Fund would be expected to lose 95.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Inverse Fund can be expected to return less than -200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of the Underlying Stock. The Inverse Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">10%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">125%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; width: 38%; text-align: center">-95%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; width: 20%; text-align: center">190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">36110.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">31935.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">18570.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">7461.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">2021.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">292.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; width: 6%; background-color: #DA8E86; text-align: center">-53.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; text-align: center">-90%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">180%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">9182.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">7895.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">4554.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">1756.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">406.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-8.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-89.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; text-align: center">-80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">160%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">2261.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">1930.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">1074.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">367.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">23.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-78.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; text-align: center">-70%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">140%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">962.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">810.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">421.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">108.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-45.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-90.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; text-align: center">-60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">120%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">500.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">415.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">196.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">15.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-69.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-94.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; text-align: center">-50%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">286.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">230.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">89.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-25.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-80.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-96.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; text-align: center">-40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">80%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">168.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">130.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">31.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-48.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-97.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; text-align: center">-30%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">60%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">98.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">69.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-62.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-90.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-98.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; text-align: center">-20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">40%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">51.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">29.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-26.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-71.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-98.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; text-align: center">-10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">20%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">2.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-41.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-77.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; text-align: center">0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-2.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-52.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-81.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-95.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; text-align: center">10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-84.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-96.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; text-align: center">20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-32.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-42.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-67.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-87.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-96.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; text-align: center">30%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-42.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-51.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-89.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-97.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; text-align: center">40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-50.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-57.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-76.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-90.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-97.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">-100%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-56.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-79.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-92.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; text-align: center">60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">-120%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-62.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-67.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-81.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; text-align: center">70%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">-140%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-66.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-71.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-83.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; text-align: center">80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">-160%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-70.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-74.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; text-align: center">90%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">-180%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-73.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-77.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-95.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">-200%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-74.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-78.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-95.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 42.90%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 53.17% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 5.24%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from -200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect -200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Short Sale Exposure Risk: The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock increases more than 50%. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundStructureRiskMember_z8Y1BzKwa6x5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify">Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_z1fiqFsaSBO3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify; background-color: white">Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_ztLrtrtaMSkd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify; background-color: white">Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate -2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Reddit Inc. (NYSE: RDDT). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A8A_eoef--AnnualFundOperatingExpensesTableTextBlock_zFPe2iiGT142"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zCnmAmkt4F25" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_499_20261028__20261028__oef--ClassAxis__custom--C000258305Member_z1spUG5Kwond" style="text-align: right">1.30</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td><td style="padding-bottom: 1pt; font-size: 12pt"> </td> <td colspan="2" style="padding-bottom: 1pt; font-size: 12pt"> </td><td style="padding-bottom: 1pt; font-size: 12pt"> </td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_zU9ZKrukjvdk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_zouPLZWT6gx6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp_z5Rfazd91LX5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.64</td><td style="text-align: left">%</td></tr> <tr id="xdx_40F_ecustom--RecoupmentOfPreviouslyWaivedExpenses_dpn_zfpTPSsasoSg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Recoupment of previously waived expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.02</td><td style="text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zz03NOc4prq3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_iT_dp_zEMgJZ65ywc5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.99</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dp_zYc48Hz5Bqnc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements/Fees Paid Indirectly (4), (5)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-0.04</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_iT_dp_zUCFiszRkQ31" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4), (5)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.95</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are based on actual amounts incurred during the Fund’s fiscal period ended June 30, 2026 which includes Interest Expense of 0.52% related to margin posted by the swap counterparties.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s fiscal year June 30, 2027.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_F03_zGqEg7Xwc9n2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(5)</td> <td id="xdx_F1C_zbDcc43mtPGl" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The Funds’ have a fee arrangement with its custodian which provides for custody fees to be reduced by Create/Redeem credits received by the custodian from Authorized Participants.</td></tr> </table> 0.0130 0.0000 0.0064 0.0002 0.0003 0.0199 -0.0004 0.0195 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8A_eoef--ExpenseExampleWithRedemptionTableTextBlock_zRPdf7vtWAs4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zpVDiOR3m3oh" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">5 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">10 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000258305Member_zh8SWhs25Pti" style="width: 22%; text-align: right">198</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000258305Member_zw9OkBpNsrXi" style="width: 22%; text-align: right">620</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_986_eoef--ExpenseExampleYear05_c20261028__20261028__oef--ClassAxis__custom--C000258305Member_z6gKLcJQ5yCc" style="width: 21%; text-align: right">1,068</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eoef--ExpenseExampleYear10_c20261028__20261028__oef--ClassAxis__custom--C000258305Member_z7CrAhfpTtV" style="width: 21%; text-align: right">2,310</td><td style="width: 1%; text-align: left"> </td></tr> </table> 198 620 1068 2310 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio, since the Fund invested only in instruments that are excluded from portfolio turnover rate calculations. However, if the Fund’s use of derivatives were reflected, the Fund’s portfolio turnover rate would be higher. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2 times (200%) the daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the daily performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the social media industry. Reddit, Inc. operates a social platform, Reddit. It operates mobile applications and a website that allows users to form communities and create and share content. Reddit, Inc. is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Reddit, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-277256 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Reddit, Inc may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Reddit Inc. The common stock of Reddit Inc. (RDDT) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Reddit Inc. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Reddit Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the social media industry. The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by the company’s ability to add and retain users and communities on its platform, government restrictions and enforcement actions, security breaches, its ability to monetize its user base through advertising and data licensing, increased competition from other social media platforms, and changes in content moderation policies and user behavior. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zDnsdjuKMjlj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the leveraged daily returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">10%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">125%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 45%; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt dotted; white-space: nowrap; vertical-align: bottom; width: 20%; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt dotted; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-180%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt dotted; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-160%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt dotted; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-140%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt dotted; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-120%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-50%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-100%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt dotted; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt dotted; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt dotted; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt dotted; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt dotted; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt dotted; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt dotted; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt dotted; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt dotted; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt dotted; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt dotted; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt dotted; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt dotted; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt dotted; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt dotted; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate from March 20, 2024 (the Underlying Stock’s IPO date) to August 31, 2026, was 88.76%. During the period observed the Underlying Stock’s highest volatility rate over a 12-month period was 104.95% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the period considered was 82.21%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from -200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundStructureRiskMember_z1TQOALw69w2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify">Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily leverage performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zF1SomfZs2Qb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify; background-color: white">Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zuYgY69uZ3D7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify; background-color: white">Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate -2 times the inverse daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” and “Leverage Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: The Fund has not yet completed a full calendar year as of the date of this prospectus and therefore does not have a performance history for a full calendar year. Once available, the Fund’s performance information will be accessible on the Fund’s website at www.graniteshares.com and will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance and by showing how the Fund’s returns compare with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.graniteshares.com The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Rigetti Computing, Inc. (Nasdaq: RGTI). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A8F_eoef--AnnualFundOperatingExpensesTableTextBlock_zCWwxIpeEu22"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_z1V7NWOrK4Ci" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_497_20261028__20261028__oef--ClassAxis__custom--C000262879Member_zr5pyMA036bh" style="text-align: right">1.30</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_z3CQ4wB3sx9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_zQ3oUULlvU61" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp_zhKSKVmfqMs7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.06</td><td style="text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_znWNa5EBa2K4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_iT_dp_zvF4VzRGG7j9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dp_z3obWkjo6j68" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements (4)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_iT_dp_zs134yCePT06" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0130 0.0000 0.0006 0.0003 0.0139 0.0139 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8D_eoef--ExpenseExampleWithRedemptionTableTextBlock_zzCng0ricyE7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_z9qHxTwjEv14" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000262879Member_zfIy8bAnEzd3" style="width: 47%; text-align: right">145</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000262879Member_z2yHBdFdW5d8" style="width: 47%; text-align: right">474</td><td style="width: 1%; text-align: left"> </td></tr> </table> 145 474 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet been launched. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2 times (200%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock in a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 30% and 45% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transaction, which is a transaction under which the purchaser (i.e., the Fund) acquires a security and the seller agrees, at the time of the sale, to repurchase the security at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) equity or fixed income securities for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the daily performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the quantum computing industry. Rigetti Computing, Inc. develops and provides all the necessary components for quantum computing including hardware, software and cloud solution (also referred to as a full-stack quantum computing solution). The Company operates quantum computers over the cloud and serves global enterprise, government, and research clients through its Rigetti Quantum Cloud Services platform. Rigetti Computing, Inc. is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Rigetti Computing, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-287187 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Rigetti Computing, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Rigetti Computing, Inc. The common stock of Rigetti Computing, Inc. is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Rigetti Computing, Inc. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Rigetti Computing, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the quantum computing industry. The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by competition from established technology companies and other quantum computing firms, the pace of development and commercialization of quantum computing technology, government funding and regulatory support for quantum research, the company’s limited operating history and development-stage nature, and the long timeframes typically required to achieve commercial viability in the quantum computing sector. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zqXQNZg5Oo3e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the daily leverage returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate daily leverage returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap"> 10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">125%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 45%; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 20%; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-180%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-160%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-140%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-120%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-50%</td> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-100%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 132.89%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 189.93% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 9.99%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundStructureRiskMember_zqHsc2CFfLMl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify">Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zVuZ3q0PtOp3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify; background-color: white">Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zjR2BXkvq3Oi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify; background-color: white">Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” and “Leverage Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Riot Platforms, Inc. (NASDAQ: RIOT). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A85_eoef--AnnualFundOperatingExpensesTableTextBlock_zY3HRQfphGvi"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zu1UIKHLUWcj" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_49A_20261028__20261028__oef--ClassAxis__custom--C000258306Member_znJMADEYXebl" style="text-align: right">1.30</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td><td style="border-bottom: Black 1pt solid; font-size: 12pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 12pt"> </td><td style="border-bottom: Black 1pt solid; font-size: 12pt"> </td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_zrnJBXqOlvOl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_zOySH6jO1Vl8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp_zPILtFgI4wSb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.06</td><td style="text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_za6PLgDejO9i" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_iT_dp_zEXlzjdmAC" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dp_zk2MbI1DfMDg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements (4)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_iT_dp_zqNUhOnbO8q8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0130 0.0000 0.0006 0.0003 0.0139 0.0139 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8C_eoef--ExpenseExampleWithRedemptionTableTextBlock_zNT168KnOsie"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zHJIXDYTk2R6" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_989_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000258306Member_z9Ikn5IAfmle" style="width: 47%; text-align: right">145</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000258306Member_zGfihyKHy9K2" style="width: 47%; text-align: right">474</td><td style="width: 1%; text-align: left"> </td></tr> </table> 145 474 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet been launched. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2 times (200%) the daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate the leverage daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the daily performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the digital asset and cryptocurrency mining industry. Riot Platforms, Inc. operates as a bitcoin mining company in North America. The company operates through three segments: bitcoin mining, data center hosting, and Engineering. It also provides co-location services for institutional-scale bitcoin mining companies; critical infrastructure and workforce for institutional-scale miners to deploy and operate their miners; operation of data centers; and maintenance/management of computing capacity. Riot Platforms, Inc. is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Riot Platforms, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-281454 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Riot Platforms, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Riot Platforms, Inc. The common stock of Riot Platforms, Inc. (RIOT) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Riot Platforms, Inc. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Riot Platforms, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Additional Information on Bitcoin Bitcoin is a digital asset that is created and transmitted through the operations of the online, peer-to-peer Bitcoin network, a decentralized network of computers that operates on cryptographic protocols. The ownership of bitcoin is determined by participants in the Bitcoin network. The Bitcoin network connects computers that run publicly accessible, or “open source,” software that follows the rules and procedures governing the Bitcoin network. This is commonly referred to as the Bitcoin Protocol. Bitcoin, the asset, plays a key role in the operation of the Bitcoin network, as the computers (or “miners”) that process transactions on the network and maintain the network’s security are compensated through the issuance of new bitcoin and through transaction fees paid by users in bitcoin. No single entity owns or operates the Bitcoin network. Bitcoin is not issued by any government, by banks or similar organizations. The infrastructure of the Bitcoin network is collectively maintained by a decentralized user base. The Bitcoin network is accessed through software, and software governs the creation, movement, and ownership of “bitcoin,” the unit of account on the Bitcoin network ledger. The value of bitcoin is determined, in part, by the supply of, and demand for, bitcoin in the global markets for trading bitcoin, market expectations for the adoption of bitcoin as a decentralized store of value, the number of merchants and/or institutions that accept bitcoin as a form of payment and the volume of private end-user-to-end-user transactions. Bitcoin transaction and ownership records are reflected on the “Bitcoin blockchain,” which is a digital public record or ledger. Copies of this ledger are stored in a decentralized manner on the computers of each Bitcoin network node (a node is any user who maintains on their computer a full copy of all the bitcoin transaction records, the blockchain, as well as related software). Transaction data is permanently recorded in files called “blocks,” which reflect transactions that have been recorded and authenticated by Bitcoin network participants. The Bitcoin network software source code includes protocols that govern the creation of new bitcoin and the cryptographic system that secures and verifies bitcoin transactions. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the digital asset and cryptocurrency mining industry. The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by the price and trading volume of Bitcoin and other cryptocurrencies, increases in Bitcoin network mining difficulty, rising energy costs, regulatory actions targeting cryptocurrency mining, cybersecurity risks to its mining infrastructure, and environmental and sustainability concerns related to energy-intensive cryptocurrency mining operations. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. Bitcoin Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to risks associated with bitcoin. Investing in bitcoin exposes to significant risks that are not typically present in other investments. These risks include the uncertainty surrounding new technology, limited evaluation due to bitcoin’s short trading history, and the potential decline in adoption and value over the long term. The extreme volatility of bitcoin’s price is also a risk factor. Regulatory uncertainties, such as potential government interventions and conflicting regulations across jurisdictions, can impact the demand for bitcoin and restrict its usage. Bitcoin is not presently widely accepted as a medium of exchange, which may be due to a number of common impediments and/or disadvantages to adopting the Bitcoin Network as a payment network, including the slowness of transaction processing and finality, variability of transaction fees, and volatility of the price of bitcoin. Additionally, risks associated with the sale of newly mined bitcoin, bitcoin trading platforms, competition from alternative digital assets, mining operations, network modifications, and intellectual property claims pose further challenges to bitcoin-linked investments. The value of bitcoin has been, may continue to be, substantially dependent on speculation, such that trading and investing in these assets generally may not be based on fundamental analysis. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. Bitcoin Halving. While bitcoin prices have historically increased around halving events (a process designed to control the overall supply and reduce the risk of inflation in bitcoin, which uses a proof-of-work consensus algorithm and results in the mining reward being cut in half) there is no guarantee that the price change will be favorable or would compensate for the reduction in mining rewards. If a corresponding and proportionate increase in the price of Bitcoin does not follow future halving events, the revenue RIOT earns from its bitcoin mining operations would see a decrease, which could have a material adverse effect on RIOT’s results of operations and financial condition. Hash Rate and Difficulty. As demand for bitcoin has increased, the global network hash rate (i.e., the aggregate amount of computing power devoted to supporting the bitcoin blockchain at a given time) has increased rapidly, and as greater adoption of bitcoin occurs, it is expected that demand for new bitcoin will likewise increase as more mining companies are drawn into the industry by this increased demand. Further, as a greater number of increasingly powerful miners have been deployed, the network difficulty for bitcoin has consequently also increased. A high difficulty means that more computing power will be required in order to solve a block and earn a new bitcoin reward, which, in turn, makes the bitcoin network more secure by limiting the possibility of one miner or mining pool gaining control of the network. Therefore, as new and existing miners deploy additional hash rate, the global network hash rate will continue to increase, meaning a miner’s share of the global network hash rate (and therefore its chance of earning bitcoin rewards) will decline if it fails to deploy additional hash rate at pace with the industry. If an effort to grow the hash rate, results in the inability to complete planned expansions on schedule and within anticipated cost estimates, deployment of newly purchased miners may be delayed, which could affect its competitiveness and results of operation, which could have a material adverse effect on the Underlying Stock’s financial condition and market price for its securities. Blockchain Risk: Blockchain companies may be adversely impacted by government regulations or economic conditions. Blockchain technology is new and its uses are in many cases untested or unclear. These companies may also have significant exposure to fluctuations in the spot prices of digital assets, particularly to the extent that demand for a company’s hardware or services may increase as the spot price of digital assets increase. Blockchain companies typically face intense competition and potentially rapid product obsolescence. In addition, many Blockchain companies store sensitive consumer information and could be the target of cybersecurity attacks and other types of theft, which could have a negative impact on these companies. Access to a given blockchain may require a specific cryptographic key (in effect a string of characters granting unique access to initiate transactions related to specific digital assets) or set of keys, the theft, loss, or destruction of which, either by accident or as a result of the efforts of a third party, could irrevocably impair a claim to the digital assets stored on that blockchain. Many Blockchain companies currently operate under less regulatory scrutiny than traditional financial services companies and banks, but there is significant risk that regulatory oversight could increase in the future. Higher levels of regulation could increase costs and adversely impact the current business models of some Blockchain companies. For example, restrictions imposed by foreign governments, including China, on the use and mining of digital assets, may adversely impact Blockchain Companies and in turn the Fund. These companies could be negatively impacted by disruptions in service caused by hardware or software failure, or by interruptions or delays in service by third-party data center hosting facilities and maintenance providers. Blockchain companies involved in digital assets may face slow adoption rates and be subject to higher levels of regulatory scrutiny in the future, which could severely impact the viability of these companies. Blockchain companies, especially smaller companies, tend to be more volatile than companies that do not rely heavily on technology. The customers and/or suppliers of Blockchain companies may be concentrated in a particular country, region or industry. Any adverse event affecting one of these countries, regions or industries could have a negative impact on Blockchain companies. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zrLsJEhCZvOa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the daily leverage returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate daily leverage returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 17.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">10%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">125%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 45%; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 20%; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-180%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-160%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-140%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-120%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-50%</td> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-100%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 95.65%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 111.42% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was -12.25%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundStructureRiskMember_zB4lQbu4vLMj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify">Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily leverage performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zBhxPCjDBeV" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify; background-color: white">Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_z9a1lA4YRLZ8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify; background-color: white">Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” and “Leverage Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Rivian Automotive, Inc. (NYSE: RIVN). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_zFn2W8GD86Qg"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_znJ6p777Icm7" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_496_20261028__20261028__oef--ClassAxis__custom--C000243835Member_zhl9bjTUCchb" style="text-align: right">1.30</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td><td style="border-bottom: Black 1pt solid; font-size: 12pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 12pt"> </td><td style="border-bottom: Black 1pt solid; font-size: 12pt"> </td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_zrgCaq8jQYlh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">0.99</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_zozwQxZABeL8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp_zFskjIvuQ0e8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.56</td><td style="text-align: left">%</td></tr> <tr id="xdx_407_ecustom--RecoupmentOfPreviouslyWaivedExpenses_dp_zNnX0Ff4yj1a" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Recoupment of previously waived expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.01</td><td style="text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zBDED4oF3tv" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_iT_dp_zalrKQIX2RYb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.59</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dp_zKdZFg35mZQh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements/Fees Paid Indirectly (4), (5)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-0.37</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_iT_dp_zx3TCtmvUyb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4), (5)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.22</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are based on actual amounts incurred during the Fund’s fiscal period ended June 30, 2026 which includes Interest Expense of 0.04% related to margin posted by the swap counterparties.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s fiscal year ending June 30, 2027.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_F0B_zzDNowD98cfi" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.15%. This agreement is effective until December 31, 2027 and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_F02_zuUFXga0thc1" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(5)</td> <td id="xdx_F1A_ziAqAGYQGUQa" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The Funds’ have a fee arrangement with its custodian which provides for custody fees to be reduced by Create/Redeem credits received by the custodian from Authorized Participants.</td></tr> </table> 0.0099 0.0000 0.0056 0.0001 0.0003 0.0159 -0.0037 0.0122 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8B_eoef--ExpenseExampleWithRedemptionTableTextBlock_z2QTnQ8Tmwdc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zZnMuU2QH7Mk" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">5 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">10 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_98A_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000243835Member_z8YfQwfHmZDf" style="width: 22%; text-align: right">124</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98D_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000243835Member_zCpYg3NWUE2d" style="width: 22%; text-align: right">466</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98A_eoef--ExpenseExampleYear05_c20261028__20261028__oef--ClassAxis__custom--C000243835Member_zakTbT9nL5Vh" style="width: 21%; text-align: right">830</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eoef--ExpenseExampleYear10_c20261028__20261028__oef--ClassAxis__custom--C000243835Member_zDwX6uwXUQh9" style="width: 21%; text-align: right">1,856</td><td style="width: 1%; text-align: left"> </td></tr> </table> 124 466 830 1856 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2 times (200%) the daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the daily performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the automotive industry. Rivian Automotive, Inc. designs, develops and manufactures electric vehicles and accessories. It sells its vehicles directly to customers in the consumer and commercial markets. RIVN is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by RIVN pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-41042 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding RIVN Corporation may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Rivian Automotive, Inc. The common stock of Rivian Automotive, Inc. (RIVN) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Rivian Automotive, Inc. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Rivian Automotive, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to risks of the automotive sector. The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock has a limited operating history and a history of losses and is expected to incur significant expenses and continuing losses for the foreseeable future. The Underlying Stock’s management may underestimate or not effectively manage the capital expenditures and costs associated with the business and operations, which could have a material and adverse effect on the business, prospects, financial condition, results of operations, and cash flows. The Underlying Stock may require additional financing to support its business, which may not be available in a timely manner or on terms that are acceptable, or at all. The Underlying Stock’s management ability to develop and manufacture vehicles of sufficient quality and appeal to customers on schedule and on a large scale is unproven, and it has experienced, and may in the future experience, significant delays in the manufacture and delivery of its vehicles, which could harm the business, prospects, financial condition, results of operations, and cash flows. Governmental policies affecting the automotive industry, such as taxes, tariffs, duties, subsidies, and import and export restrictions on automotive products can influence industry profitability. In addition, such companies must comply with environmental laws and regulations, for which there may be severe consequences for non-compliance. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zsgniLSK4vE6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the leveraged daily returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">10%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">125%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 31%; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt dotted; white-space: nowrap; vertical-align: bottom; width: 18%; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 15%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; width: 6%; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt dotted; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-180%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt dotted; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-160%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt dotted; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-140%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt dotted; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-120%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-50%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-100%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt dotted; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt dotted; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt dotted; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt dotted; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt dotted; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt dotted; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt dotted; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt dotted; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt dotted; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt dotted; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt dotted; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt dotted; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt dotted; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt dotted; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt dotted; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate from November 9, 2021 (the Underlying Stock’s IPO date) to August 31, 2026, was 79.69%. During the period observed the Underlying Stock’s highest volatility rate over a 12-month period was 101.90% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the period considered was -28.00%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundStructureRiskMember_z84KUe8stfXh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify">Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsRiskMember_zm6dHrSJge2d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify; background-color: white">Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zFJKMx5Ti9c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify; background-color: white">Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_z30OQrfCzT13" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify; background-color: white">Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions. The Fund may be required to deviate from its investment objective as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” and “Leverage Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: The Fund has not yet completed a full calendar year as of the date of this prospectus and therefore does not have a performance history for a full calendar year. Once available, the Fund’s performance information will be accessible on the Fund’s website at www.graniteshares.com and will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance and by showing how the Fund’s returns compare with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.graniteshares.com The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Investment Objective The Fund seeks daily investment results, before fees and expenses, of -1 time (-100%) the daily percentage change of the common stock of Rivian Automotive, Inc. (NYSE: RIVN). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A81_eoef--AnnualFundOperatingExpensesTableTextBlock_zrV74QtZ0u7d"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_znoWduEHerU3" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_49F_20261028__20261028__oef--ClassAxis__custom--C000243831Member_zdrTDUEEQ2Be" style="text-align: right">1.30</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td><td style="border-bottom: Black 1pt solid; font-size: 12pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 12pt"> </td><td style="border-bottom: Black 1pt solid; font-size: 12pt"> </td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_z864vP9M0Vv4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">0.99</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_zb0kXaCOwCcc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp_zgejWD0zTJbj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.06</td><td style="text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zSEN8fSWNQtb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_iT_dp_zVExacsQ9RJ4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.08</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dp_zcnMkQHCqij8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements (4)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_iT_dp_z1UCjg8xx0M5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.08</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.15%. This agreement is effective until December 31, 2027 and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0099 0.0000 0.0006 0.0003 0.0108 0.0108 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A88_eoef--ExpenseExampleWithRedemptionTableTextBlock_zvyRq5nEJaTf"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zYipaOLF1BDe" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000243831Member_zRj91lw0Cg31" style="width: 47%; text-align: right">113</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000243831Member_zlxWVqKJKyZ8" style="width: 47%; text-align: right">370</td><td style="width: 1%; text-align: left"> </td></tr> </table> 113 370 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet launched. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate the inverse (-100%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately -100% of the Fund’s net asset value. The Fund aims to generate the inverse daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money put option contracts, or simultaneously buy an at-the-money put option contract and sell an at-the-money call option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each put option contract bought and receive the premium for each call option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the put and sells the call option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have the inverse performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the automotive industry. Rivian Automotive, Inc. designs, develops and manufactures electric vehicles and accessories. It sells its vehicles directly to customers in the consumer and commercial markets. RIVN is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by RIVN pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-41042 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding RIVN may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance decreases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Rivian Automotive, Inc. The common stock of Rivian Automotive, Inc. (RIVN) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Rivian Automotive, Inc. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Rivian Automotive, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to risks of the automotive sector. The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock has a limited operating history and a history of losses and is expected to incur significant expenses and continuing losses for the foreseeable future. The Underlying Stock’s management may underestimate or not effectively manage the capital expenditures and costs associated with the business and operations, which could have a material and adverse effect on the business, prospects, financial condition, results of operations, and cash flows. The Underlying Stock may require additional financing to support its business, which may not be available in a timely manner or on terms that are acceptable, or at all. The Underlying Stock’s management ability to develop and manufacture vehicles of sufficient quality and appeal to customers on schedule and on a large scale is unproven, and it has experienced, and may in the future experience, significant delays in the manufacture and delivery of its vehicles, which could harm the business, prospects, financial condition, results of operations, and cash flows. Governmental policies affecting the automotive industry, such as taxes, tariffs, duties, subsidies, and import and export restrictions on automotive products can influence industry profitability. In addition, such companies must comply with environmental laws and regulations, for which there may be severe consequences for non-compliance. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zNWMTOR8PlI" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the daily inverse returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate inverse daily returns. For a Fund aiming to replicate the inverse performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Inverse Fund would be expected to lose 63.5% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Inverse Fund can be expected to return less than -100% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -100% of the performance of the Underlying Stock. The Inverse Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; text-align: center">-100% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">10%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">125%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; width: 47%; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt dotted; white-space: nowrap; width: 18%; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">1841.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">1773.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">1468.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">1065.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">656.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; width: 5%; background-color: #C5E0B3; text-align: center">336.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">119.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt dotted; white-space: nowrap; background-color: white; text-align: center">90%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">875.7%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">829.7%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">670.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">470.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">270.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">112.7%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #DA8E86; text-align: center">7.2%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt dotted; white-space: nowrap; background-color: white; text-align: center">80%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">391.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">366.3%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">288.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">185.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">84.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">5.4%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #DA8E86; text-align: center">-47.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt dotted; white-space: nowrap; background-color: white; text-align: center">70%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">228.5%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">211.9%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">159.3%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">90.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">23.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-30.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #DA8E86; text-align: center">-65.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt dotted; white-space: nowrap; background-color: white; text-align: center">60%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">146.9%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">134.3%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">94.8%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #DA8E86; text-align: center">42.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-7.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-47.4%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #DA8E86; text-align: center">-74.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; background-color: white; text-align: center">-50%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; white-space: nowrap; background-color: white; text-align: center">50%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">97.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">87.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">55.9%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">14.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-26.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-58.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-79.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt dotted; white-space: nowrap; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">65.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">56.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">30.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-5.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-65.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-82.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt dotted; white-space: nowrap; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">41.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">34.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">11.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-18.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-47.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-70.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt dotted; white-space: nowrap; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">23.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">17.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-2.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-28.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-53.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-74.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-87.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt dotted; white-space: nowrap; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">10.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">4.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-13.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-36.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-59.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-77.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-88.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt dotted; white-space: nowrap; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-43.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-79.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-90.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt dotted; white-space: nowrap; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-10.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-14.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-29.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-48.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-66.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-81.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-90.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt dotted; white-space: nowrap; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-17.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-21.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-35.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-52.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-69.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-82.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-91.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt dotted; white-space: nowrap; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-23.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-27.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-40.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-56.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-71.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-84.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-92.2%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt dotted; white-space: nowrap; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-29.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-32.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-44.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-59.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-74.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-85.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-92.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt dotted; white-space: nowrap; background-color: white; text-align: center">-50%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-34.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-37.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-48.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-62.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-75.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-86.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-93.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt dotted; white-space: nowrap; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-38.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-41.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-51.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-64.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-77.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-87.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-93.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt dotted; white-space: nowrap; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-41.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-44.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-54.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-66.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-78.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-87.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-94.2%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt dotted; white-space: nowrap; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-45.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-47.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-56.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-68.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-79.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-88.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-94.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt dotted; white-space: nowrap; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-48.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-50.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-59.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-70.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-81.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-89.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-94.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt dotted; white-space: nowrap; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-50.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-53.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-61.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-71.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-81.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-89.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-95.0%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate from November 9, 2021 (the Underlying Stock’s IPO date) to August 31, 2026, was 79.69%. During the period observed the Underlying Stock’s highest volatility rate over a 12-month period was 101.90% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the period considered was -28.00%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from -100% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect -100% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Short Sale Exposure Risk: The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock increases more than 100%. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundStructureRiskMember_zJ4fB2Os05V4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify">Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsRiskMember_zo0nHgXEkv4e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify; background-color: white">Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zMnKog6rfbl6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify; background-color: white">Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zTrvjR523y5h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify; background-color: white">Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate the inverse daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective The Fund seeks daily investment results, before fees and expenses, of -2 times (-200%) the daily percentage change of the common stock of Rivian Automotive, Inc. (NYSE: RIVN). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A81_eoef--AnnualFundOperatingExpensesTableTextBlock_zTPb3BUomi19"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zaN3NGYMp5wd" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_494_20261028__20261028__oef--ClassAxis__custom--C000243814Member_zsmD4Dff3KCg" style="text-align: right">1.30</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td><td style="border-bottom: Black 1pt solid; font-size: 12pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 12pt"> </td><td style="border-bottom: Black 1pt solid; font-size: 12pt"> </td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_zDmW3tX0d58l" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_zYHS3R8PRe4g" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp_zt2IXbI68Ij1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.06</td><td style="text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zdM7Z89XyvA5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_iT_dp_zuuFAh3n5n5f" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dp_z5UlM32gh506" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements (4)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_iT_dp_zl7PrvMdrbcc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0130 0.0000 0.0006 0.0003 0.0139 0.0139 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A81_eoef--ExpenseExampleWithRedemptionTableTextBlock_z6NfTdcPc5Y8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zoGXY6nm3qal" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000243814Member_zWCeZ9KAkFzb" style="width: 47%; text-align: right">145</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000243814Member_zPXbMvtEeAxc" style="width: 47%; text-align: right">474</td><td style="width: 1%; text-align: left"> </td></tr> </table> 145 474 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet launched. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2x the inverse (-200%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately -200% of the Fund’s net asset value. The Fund aims to generate the inverse daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money put option contracts, or simultaneously buy an at-the-money put option contract and sell an at-the-money call option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each put option contract bought and receive the premium for each call option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the put and sells the call option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the inverse performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the automotive industry. Rivian Automotive, Inc. designs, develops and manufactures electric vehicles and accessories. It sells its vehicles directly to customers in the consumer and commercial markets. RIVN is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by RIVN pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-41042 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding RIVN may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance decreases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Rivian Automotive, Inc. The common stock of Rivian Automotive, Inc. (RIVN) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Rivian Automotive, Inc. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Rivian Automotive, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to risks of the automotive sector. The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock has a limited operating history and a history of losses and is expected to incur significant expenses and continuing losses for the foreseeable future. The Underlying Stock’s management may underestimate or not effectively manage the capital expenditures and costs associated with the business and operations, which could have a material and adverse effect on the business, prospects, financial condition, results of operations, and cash flows. The Underlying Stock may require additional financing to support its business, which may not be available in a timely manner or on terms that are acceptable, or at all. The Underlying Stock’s management ability to develop and manufacture vehicles of sufficient quality and appeal to customers on schedule and on a large scale is unproven, and it has experienced, and may in the future experience, significant delays in the manufacture and delivery of its vehicles, which could harm the business, prospects, financial condition, results of operations, and cash flows. Governmental policies affecting the automotive industry, such as taxes, tariffs, duties, subsidies, and import and export restrictions on automotive products can influence industry profitability. In addition, such companies must comply with environmental laws and regulations, for which there may be severe consequences for non-compliance. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zh650Ri24Qv3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the daily inverse returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate inverse daily returns. For a Fund aiming to replicate the inverse performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 17.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Inverse Fund would be expected to lose 95.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Inverse Fund can be expected to return less than -200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of the Underlying Stock. The Inverse Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td rowspan="3" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; border-left: black 1pt solid; white-space: nowrap">One Year Performance of the Underlying Stock</td> <td rowspan="3" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; white-space: nowrap">-200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td rowspan="2" style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap">10% </td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"> </td> <td rowspan="2" style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap">50% </td> <td rowspan="2" style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap">75% </td> <td rowspan="2" style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap">100% </td> <td rowspan="2" style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap">125% </td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap">25% </td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap">150% </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; width: 13%; text-align: center">-95%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; width: 25%; text-align: center">190%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; border-bottom: black 1pt solid; white-space: nowrap; width: 10%; background-color: #C5E0B3; text-align: center">36110.9%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; border-bottom: black 1pt solid; white-space: nowrap; width: 10%; background-color: #C5E0B3; text-align: center">31935.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; width: 10%; background-color: #C5E0B3; text-align: center">18570.8%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; border-bottom: black 1pt solid; white-space: nowrap; width: 8%; background-color: #C5E0B3; text-align: center">7461.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; width: 8%; background-color: #C5E0B3; text-align: center">2021.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; width: 8%; background-color: #C5E0B3; text-align: center">292.9%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; width: 8%; background-color: #DA8E86; text-align: center">-53.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; text-align: center">-90%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">180%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">9182.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">7895.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">4554.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">1756.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">406.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-8.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-89.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; text-align: center">-80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">160%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">2261.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">1930.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">1074.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">367.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">23.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-78.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; text-align: center">-70%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">140%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">962.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">810.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">421.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">108.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-45.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-90.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; text-align: center">-60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">120%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">500.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">415.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">196.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">15.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-69.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-94.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; text-align: center">-50%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">286.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">230.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">89.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-25.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-80.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-96.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; text-align: center">-40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">80%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">168.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">130.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">31.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-48.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-97.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; text-align: center">-30%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">60%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">98.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">69.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-62.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-90.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-98.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; text-align: center">-20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">40%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">51.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">29.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-26.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-71.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-98.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; text-align: center">-10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">20%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">2.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-41.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-77.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; text-align: center">0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-2.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-52.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-81.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-95.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; text-align: center">10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-84.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-96.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; text-align: center">20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-32.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-42.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-67.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-87.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-96.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; text-align: center">30%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-42.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-51.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-89.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-97.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; text-align: center">40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-50.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-57.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-76.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-90.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-97.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">-100%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-56.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-79.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-92.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; text-align: center">60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">-120%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-62.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-67.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-81.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; text-align: center">70%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">-140%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-66.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-71.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-83.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; text-align: center">80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">-160%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-70.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-74.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; text-align: center">90%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">-180%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-73.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-77.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-95.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">-200%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-74.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-78.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-95.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate from November 9, 2021 (the Underlying Stock’s IPO date) to August 31, 2026, was 79.69%. During the period observed the Underlying Stock’s highest volatility rate over a 12-month period was 101.90% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the period considered was -28.00%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from -200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect -200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Short Sale Exposure Risk: The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock increases more than 50%. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundStructureRiskMember_zRDnUSY2zNRe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify">Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsRiskMember_zuwYin0SDROd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify; background-color: white">Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_z09BjXlkBwJ" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify; background-color: white">Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zLxOy8WfuhFf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify; background-color: white">Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate -2 times the inverse daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Starbucks Corporation (Nasdaq: SBUX). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A87_eoef--AnnualFundOperatingExpensesTableTextBlock_zc6F7wC4Olxh"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zq0Y95Itl3Za" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_490_20261028__20261028__oef--ClassAxis__custom--C000262880Member_z9btw6jjsVrh" style="text-align: right">1.30</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td><td style="border-bottom: Black 1pt solid; font-size: 12pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 12pt"> </td><td style="border-bottom: Black 1pt solid; font-size: 12pt"> </td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_z685UFRhfkL2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_zCVMarDgnYo9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp_zGfnCByW0td2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.06</td><td style="text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_z4NFvRIP9hm1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_iT_dp_zmYGeF2GKI9f" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dp_zHdX52qrJ7B5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements (4)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_iT_dp_zrtvE6FxMsO3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0130 0.0000 0.0006 0.0003 0.0139 0.0139 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A81_eoef--ExpenseExampleWithRedemptionTableTextBlock_ziY8qx9Iyryd"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zQTUWJ332aA8" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000262880Member_zA7T6rfOSQL7" style="width: 47%; text-align: right">145</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000262880Member_zwse4nj4ofKf" style="width: 47%; text-align: right">474</td><td style="width: 1%; text-align: left"> </td></tr> </table> 145 474 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet been launched. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2 times (200%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock in a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 30% and 45% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transaction, which is a transaction under which the purchaser (i.e., the Fund) acquires a security and the seller agrees, at the time of the sale, to repurchase the security at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) equity or fixed income securities for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the daily performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the consumer discretionary industry. Starbucks Corporation is a roaster, marketer, and retailer of specialty coffee globally. Starbucks Corporation is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Starbucks Corporation pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-267227 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Starbucks Corporation may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Starbucks Corporation The common stock of Starbucks Corporation is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Starbucks Corporation pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Starbucks Corporation may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the consumer discretionary industry. Consumer discretionary companies are subject to many risks that can negatively impact their revenue and viability including, but are not limited to overall domestic and global economy, interest rates, competition and consumer confidence. Success depends heavily on disposable household income and consumer spending. Also, companies in the consumer discretionary sector may be subject to severe competition, which may have an adverse impact on their respective profitability. Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer products and services in the marketplace. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zXSweE4aZcS2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the daily leverage returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate daily leverage returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap"> 10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">125%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 45%; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 20%; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-180%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-160%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-140%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-120%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-50%</td> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-100%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 32.32%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 44.49% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 0.37%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundStructureRiskMember_zkNJnY9lYSX8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify">Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zQNfx83UUd3d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify; background-color: white">Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zwCeQov2MEsg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify; background-color: white">Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” and “Leverage Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Super Micro Computer Inc. (NASDAQ: SMCI). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A8D_eoef--AnnualFundOperatingExpensesTableTextBlock_zfVG9sStG0j4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zDylZTvGH9z2" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_49F_20261028__20261028__oef--ClassAxis__custom--C000254492Member_z2Si2LsIegw4" style="text-align: right">1.30</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td><td style="border-bottom: Black 1pt solid; font-size: 12pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 12pt"> </td><td style="border-bottom: Black 1pt solid; font-size: 12pt"> </td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_zAF8ipYKWmej" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_zeoyXTp75hP9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp_zQ1YZCupLY3f" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.25</td><td style="text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zppYE8D1W7L7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_iT_dp_zzIq7NcZVHB" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.58</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dp_zyIluWtyZc05" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements /Fees Paid Indirectly (4), (5)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-0.18</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_iT_dp_zX6eMd7S9Yq1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4), (5)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.40</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are based on actual amounts incurred during the Fund’s fiscal period ended June 30, 2026 which includes Interest Expense of 0.11% related to margin posted by the swap counterparties.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_F0C_zKXyNP6qlCDd" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s fiscal year ending June 30, 2027.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_F02_zlCedzDiBNV1" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(5)</td> <td id="xdx_F13_zHVLILi1Mxll" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The Funds’ have a fee arrangement with its custodian which provides for custody fees to be reduced by Create/Redeem credits received by the custodian from Authorized Participants.</td></tr> </table> 0.0130 0.0000 0.0025 0.0003 0.0158 -0.0018 0.0140 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A87_eoef--ExpenseExampleWithRedemptionTableTextBlock_z6tGvOHGudD3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_z6j0bXU00ile" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">5 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">10 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_98D_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000254492Member_zWk4SwFWPBWi" style="width: 22%; text-align: right">143</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000254492Member_z2S9fP1w64Hd" style="width: 22%; text-align: right">481</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eoef--ExpenseExampleYear05_c20261028__20261028__oef--ClassAxis__custom--C000254492Member_zE8TmqO7n1Yf" style="width: 21%; text-align: right">843</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eoef--ExpenseExampleYear10_c20261028__20261028__oef--ClassAxis__custom--C000254492Member_z2wNiigbC25h" style="width: 21%; text-align: right">1,861</td><td style="width: 1%; text-align: left"> </td></tr> </table> 143 481 843 1861 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio, since the Fund invested only in instruments that are excluded from portfolio turnover rate calculations. However, if the Fund’s use of derivatives were reflected, the Fund’s portfolio turnover rate would be higher. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2 times (200%) the daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock in a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the daily performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the software and information technology industry. Super Micro Computer Inc. provides compute platforms that are application-optimized server and storage systems for a variety of markets, including enterprise data centers, cloud computing, artificial intelligence, fifth generation and edge computing. SMCI is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Super Micro Computer Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-33383 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Super Micro Computer Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Super Micro Computer Inc. The common stock of Super Micro Computer Inc. (SMCI) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Super Micro Computer Inc. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Super Micro Computer Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the software and information technology industry. The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by global markets and demand for its products and services, its ability to develop new products and services, inventory levels, supply chain issues, the performance of third-party software developers, system and network failures, privacy and cybersecurity breaches and changes in international and government regulations. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology industry may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zinZC5kTRKH" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the leveraged daily returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap"> 10%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">125%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 38%; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 20%; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; width: 6%; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-180%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-160%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-140%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-120%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-50%</td> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-100%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 90.19%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 122.64% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 58.27%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 150% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 150% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundStructureRiskMember_zdyCZgZTgBla" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify">Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_znxqvAbtPi7e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify; background-color: white">Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_ztW80d1eSDfj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify; background-color: white">Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objective as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” and “Leverage Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: The following performance information indicates some of the risks of investing in the Fund. The bar chart shows the Fund’s performance from year to year. The table illustrates how the Fund’s average annual returns for the 1-year and since inception periods compared with those of a broad measure of market performance. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_908_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000088294Member_zQCxIadQgWqd">The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Updated performance information is also available on the Fund’s website at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_905_eoef--PerformanceAvailabilityWebSiteAddress_c20261028__20261028__dei--LegalEntityAxis__custom--S000088294Member_zwEMaVIE3fB8">www.graniteshares.com or by calling the Fund toll free at 844-476-8747. <img alt="" src="form485bpos_900.jpg"/> During the periods shown in the bar chart above, the Fund’s highest quarterly return was 53.83% (quarter ended June 30, 2025) and the Fund’s lowest quarterly return was -69.13% (quarter ended December 31, 2025). The calendar year-to-date total return of the Fund as of September 30, 2026, was -36.22%. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. www.graniteshares.com 844-476-8747 highest quarterly return 0.5383 2025-06-30 lowest quarterly return -0.6913 2025-12-31 year-to-date total return 2026-09-30 -0.3622 Average Annual Total Returns for the Periods Ended December 31, 2025 <div id="xdx_A8D_eoef--PerformanceTableTextBlock_z7pDIwnNnr4e"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zzJ7PxHtDBdj" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20250701__20260630__dei--LegalEntityAxis__custom--S000088294Member_zu6ox1g3WLY" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20241210__20241210__dei--LegalEntityAxis__custom--S000088294Member_zRMP3z4VlMZ9" style="border-bottom: Black 1pt solid; text-align: center">Since Inception (12/10/2024)</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_zzBPGAPepCKa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left; padding-bottom: 1pt">Return Before Taxes</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 16%; text-align: right">-69.52</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">%</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 16%; text-align: right">-80.16</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zFVOSD9Rkwb8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Return After Taxes on Distributions</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-69.52</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-80.16</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zgPgwvQbYMA3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; text-align: left; padding-bottom: 1pt">Return After Taxes on Distributions and Sale of Fund Shares</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-41.16</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-60.37</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500TotalReturnIndexMember_z9idGDGtDmF9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">S&P 500 (no fees and expenses, or taxes applied)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">17.88</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">14.10</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> </table> 2024-12-10 -0.6952 -0.8016 -0.6952 -0.8016 -0.4116 -0.6037 0.1788 0.1410 Investment Objective The Fund seeks daily investment results, before fees and expenses, of -2 times (-200%) the daily percentage change of the common stock of Super Micro Computer Inc. (NASDAQ: SMCI). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A85_eoef--AnnualFundOperatingExpensesTableTextBlock_zrH4puc5KR39"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zkAmUVsHOwfc" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_499_20261028__20261028__oef--ClassAxis__custom--C000254508Member_zOCsKHvqbHtl" style="text-align: right">1.30</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td><td style="border-bottom: Black 1pt solid; font-size: 12pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 12pt"> </td><td style="border-bottom: Black 1pt solid; font-size: 12pt"> </td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_zJJfthEqZa0e" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_zwe1knoXuHka" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp_z36x7o42S9af" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.06</td><td style="text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zOR2BIwnzJY4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_iT_dp_zxuAObOv9cah" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dp_zfpGPotDesAg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements (4)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_iT_dp_zbH5sehk5Zy8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_F0C_zx2h6XOvllo2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0130 0.0000 0.0006 0.0003 0.0139 0.0139 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A87_eoef--ExpenseExampleWithRedemptionTableTextBlock_zMUKAv0jHObg"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zGfcGfZME5gd" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000254508Member_zYbdF9ENygQh" style="width: 47%; text-align: right">145</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000254508Member_zWRdFzgwGggb" style="width: 47%; text-align: right">474</td><td style="width: 1%; text-align: left"> </td></tr> </table> 145 474 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet been launched. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2x the inverse (-200%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately -200% of the Fund’s net asset value. The Fund aims to generate the inverse daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money put option contracts, or simultaneously buy an at-the-money put option contract and sell an at-the-money call option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each put option contract bought and receive the premium for each call option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the put and sells the call option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the inverse performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the software and information technology industry. Super Micro Computer Inc. provides compute platforms that are application-optimized server and storage systems for a variety of markets, including enterprise data centers, cloud computing, artificial intelligence, fifth generation and edge computing. SMCI is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Super Micro Computer Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-33383 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Super Micro Computer Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance decreases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Super Micro Computer Inc. The common stock of Super Micro Computer Inc. (SMCI) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Super Micro Computer Inc. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Super Micro Computer Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the software and information technology industry. The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by global markets and demand for its products and services, its ability to develop new products and services, inventory levels, supply chain issues, the performance of third-party software developers, system and network failures, privacy and cybersecurity breaches and changes in international and government regulations. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology industry may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zK5dzh9Ov3Xe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the daily inverse returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate inverse daily returns. For a Fund aiming to replicate the inverse performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 17.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Inverse Fund would be expected to lose 95.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Inverse Fund can be expected to return less than -200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of the Underlying Stock. The Inverse Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">10%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">125%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; width: 38%; text-align: center">-95%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; width: 20%; text-align: center">190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">36110.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">31935.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">18570.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">7461.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">2021.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">292.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; width: 6%; background-color: #DA8E86; text-align: center">-53.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; text-align: center">-90%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">180%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">9182.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">7895.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">4554.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">1756.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">406.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-8.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-89.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; text-align: center">-80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">160%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">2261.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">1930.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">1074.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">367.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">23.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-78.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; text-align: center">-70%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">140%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">962.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">810.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">421.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">108.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-45.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-90.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; text-align: center">-60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">120%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">500.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">415.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">196.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">15.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-69.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-94.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; text-align: center">-50%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">286.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">230.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">89.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-25.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-80.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-96.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; text-align: center">-40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">80%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">168.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">130.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">31.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-48.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-97.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; text-align: center">-30%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">60%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">98.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">69.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-62.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-90.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-98.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; text-align: center">-20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">40%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">51.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">29.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-26.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-71.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-98.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; text-align: center">-10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">20%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">2.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-41.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-77.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; text-align: center">0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-2.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-52.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-81.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-95.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; text-align: center">10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-84.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-96.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; text-align: center">20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-32.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-42.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-67.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-87.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-96.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; text-align: center">30%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-42.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-51.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-89.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-97.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; text-align: center">40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-50.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-57.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-76.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-90.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-97.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #DA8E86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">-100%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-56.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-79.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-92.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; text-align: center">60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">-120%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-62.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-67.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-81.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; text-align: center">70%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">-140%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-66.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-71.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-83.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; text-align: center">80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">-160%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-70.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-74.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; text-align: center">90%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">-180%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-73.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-77.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-95.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; text-align: center">-200%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-74.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-78.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-95.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; white-space: nowrap; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 90.19%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 122.64% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 58.27%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from -200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect -200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Short Sale Exposure Risk: The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock increases more than 50%. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundStructureRiskMember_zVVFra2BrXFf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify">Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zPSjbfMPFuZ3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify; background-color: white">Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zGZtaSgMXWe7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify; background-color: white">Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate -2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_902_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000088310Member_zeU9kCETrbD4">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Snap Inc. (Nasdaq: SNAP). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_zBL1HD8Xf233"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zP0IIERCg1Hh" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_491_20261028__20261028__oef--ClassAxis__custom--C000262881Member_zrBdxlmWb2E4" style="text-align: right">1.30</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_zlu6lYv0seqd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_zrKWlKPxbo33" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp_zY6SuDUns9U4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.06</td><td style="text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zoW4fHv4PY3b" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_iT_dp_zK2H1kaf59f9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: left">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dp_zgZAAFCZakBg" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Fee Waiver/Reimbursements (4)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_iT_dp_zgUaE4cQnEZ1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: left">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0130 0.0000 0.0006 0.0003 0.0139 0.0139 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8B_eoef--ExpenseExampleWithRedemptionTableTextBlock_z2UeQerkNhg1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zRo5vfhsGbLl" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_983_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000262881Member_zhkDSUtywYx" style="width: 47%; text-align: right">145</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000262881Member_zuEJpZ4yJoAk" style="width: 47%; text-align: right">474</td><td style="width: 1%; text-align: left"> </td></tr> </table> 145 474 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet been launched. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2 times (200%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock in a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 30% and 45% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transaction, which is a transaction under which the purchaser (i.e., the Fund) acquires a security and the seller agrees, at the time of the sale, to repurchase the security at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) equity or fixed income securities for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the daily performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the social media industry. Snap Inc. is a technology company. Its flagship product, Snapchat, is a visual messaging application that enhances relationships with friends, family, and the world. Snapchat is the Company’s core mobile device application and contains five tabs, complemented by additional tools that function outside the application. Snap Inc. is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Snap Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-286905 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Snap Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Snap Inc. The common stock of Snap Inc. is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Snap Inc. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Snap Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the social media industry. The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by the company’s ability to add and retain users of its social media products, government restrictions and enforcement actions, security breaches, its ability to enforce its intellectual property rights and increased competition in the social and digital media space. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zfj03WFSlFrg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the daily leverage returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate daily leverage returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid"> 10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">25%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">50%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">75%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">100%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">125%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 45%; border-left: black 1pt solid; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 20%; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-180%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-160%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-140%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-120%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-50%</td> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-100%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 77.33%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 118.82% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was -40.46%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zpWK9wreJNT1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_z6h2jG1sQ1sf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” and “Leverage Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_901_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000094379Member_z7l5r586kSB6">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Snowflake Inc. (NYSE: SNOW). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A85_eoef--AnnualFundOperatingExpensesTableTextBlock_ztNC146ozIaj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_z3ApmoP54fU" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_499_20261028__20261028__oef--ClassAxis__custom--C000258307Member_zyKtSLBcCDz8" style="text-align: right">1.30</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-style: normal; font-weight: normal">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_zCNDEqRUIux1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_zsw13rUce5Sb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp_z31w9RmkWrCa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.06</td><td style="text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zN5R6glyQJZ7" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_iT_dp_zL1Q7XGRDejj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: left">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dp_zhEu8Rza0Qne" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Fee Waiver/Reimbursements (4)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_iT_dp_zNVac77VVW24" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: left">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0130 0.0000 0.0006 0.0003 0.0139 0.0139 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A80_eoef--ExpenseExampleWithRedemptionTableTextBlock_zLLRAt5dU8Pj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_z4LldQhlvUu5" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_98D_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000258307Member_zKdMet0VgY4j" style="width: 47%; text-align: right">145</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_985_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000258307Member_zMt228f4V1Ek" style="width: 47%; text-align: right">474</td><td style="width: 1%; text-align: left"> </td></tr> </table> 145 474 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet been launched. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2 times (200%) the daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock in a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the daily performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the computer software industry. Snowflake Inc. is a data cloud and artificial intelligence company. Snowflake Inc. is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Snowflake Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-248280 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Snowflake Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Snowflake Inc. The common stock of Snowflake Inc. is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Snowflake Inc. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Snowflake Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by competition in the microprocessor market, reliance on third-party manufacturers, the company’s ability to new develop new products, losses of significant customers, changes in customer demand for its products, risks associated with defective products political, legal and economic risks affecting the company’s global operations. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zS27p4VWXRRc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the leveraged daily returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid"> 10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">25%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">50%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">75%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">100%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">125%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 45%; border-left: black 1pt solid; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 20%; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-180%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-160%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-140%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-120%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-50%</td> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-100%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 62.90%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 83.64% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 1.94%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 150% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 150% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily leverage performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zKPxNYfkhpFf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zg2sLCnesA4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objective as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” and “Leverage Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_90C_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000090918Member_zTkkxPsC2Lvj">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Space Exploration Technologies Corp. d/b/a SpaceX (Nasdaq: SPCX) (the “Underlying Stock”). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A85_eoef--AnnualFundOperatingExpensesTableTextBlock_zSiyb39n6KHc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zWz9VDmMcWL" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_491_20261028__20261028__oef--ClassAxis__custom--C000274312Member_zG59Eq4sGLSe" style="text-align: right">1.30</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid"> </td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_zqIFmrOQBdY6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_z9MpvgGXD9N7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp_zD7Qxu91CNwe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.48</td><td style="text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zLKklkaB35M3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_iT_dp_zXk7nyyRwSf6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2.81</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dp_zXdBGeKPrpQc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements (4)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-1.28</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_iT_dp_zQFC9W9uSRQ5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.53</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are based on amounts estimated for the Fund’s fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s fiscal year ending June 30, 2027.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0130 0.0000 0.0148 0.0003 0.0281 -0.0128 0.0153 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8A_eoef--ExpenseExampleWithRedemptionTableTextBlock_zFO97j0Lo1B1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zxFLyIs1JGKi" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000274312Member_zIc3mLAW7d2g" style="width: 47%; text-align: right">156</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000274312Member_zT26ElwTrSqc" style="width: 47%; text-align: right">750</td><td style="width: 1%; text-align: left"> </td> </tr> </table> 156 750 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it, directly or indirectly through a subsidiary, buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio, since the Fund invested only in instruments that are excluded from portfolio turnover rate calculations. However, if the Fund’s use of derivatives were reflected, the Fund’s portfolio turnover rate would be higher. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2 times (200%) the daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the daily performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the aerospace and defense, satellite communications, social media, and artificial intelligence infrastructure industries. Space Exploration Technologies Corp. (the “Company”) designs, manufactures, and launches advanced rockets and spacecraft, including the Falcon 9, Falcon Heavy, and Dragon systems, as well as the Starship launch system. The Company develops and operates the Starlink low-Earth-orbit satellite internet constellation,. In February 2026, the Company completed an all-stock merger with xAI, Inc. (“xAI”), Elon Musk’s artificial intelligence company and the parent of the social media platform X (formerly Twitter), which is now operated as a subsidiary of the Company. Following the merger, the Company rebranded xAI’s artificial intelligence operations as SpaceXAI and is pursuing an ‘Orbital AI Data Centers’ initiative combining satellite connectivity with edge computing infrastructure. The Company is incorporated in Texas and is headquartered at 1 Rocket Road, Starbase, Texas 78521. The Company is registered under the Securities Exchange Act of 1934, as amended (the ‘Exchange Act’). Information provided to or filed with the Securities and Exchange Commission by the Company pursuant to the Exchange Act can be located by reference to the SEC file number 333-296070 through the Commission’s website at www.sec.gov. In addition, information regarding the Company may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Space Exploration Technologies Corp. (the Company). The common stock of the Company is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by the Company pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Company may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The Fund’s performance depends on the performance of the Underlying Stock. The price of Underlying Stock can be affected by a number of factors. Investing in the Underlying Stock involves a high degree of risk. The Company operates in a rapidly changing and highly competitive industry. The Company’s launch services business of space vehicles is subject to significant operational, technical, and regulatory risks inherent in the aerospace and space industries, including the risk of launch vehicle failure, loss of payload, damage to third parties, and regulatory grounding of vehicles following anomalies. Any such events could result in significant financial losses, reputational harm, and regulatory consequences that adversely affect the Company’s business. Starlink operates in a highly competitive and rapidly evolving market for satellite broadband services. The Company faces competition from established telecommunications providers and emerging low earth orbit satellite operators. Starlink’s operations are subject to radio frequency spectrum allocation and coordination requirements administered by the Federal Communications Commission and international regulatory bodies. Changes in spectrum policy, orbital debris regulations, or licensing requirements could adversely affect Starlink’s operations and expansion plans. In February 2026, the Company completed an all-stock merger with xAI, fundamentally transforming the Company from a launch and satellite business into a combined aerospace, satellite broadband, social media, and artificial intelligence conglomerate. Whether SpaceXAI becomes a meaningful revenue contributor or a sustained drag on the Company’s financial condition is uncertain and cannot be predicted. Adverse outcomes of regulatory investigations into xAI’s products in multiple jurisdictions, the failure to demonstrate revenue synergies from the merger, or the inability to attract or retain AI talent could have a material negative impact on the Company’s combined business and valuation. A significant portion of the Company’s revenue is derived from contracts with U.S. government agencies, including NASA and the Department of Defense. These contracts are subject to modification, termination, or non-renewal at the government’s discretion and may be affected by changes in government policy, budgetary constraints, or political developments. Any reduction in the Company’s government business could have a material adverse effect on the Company’s revenues and financial condition. The Company also holds the NSSL Phase 3 Lane 2 contract valued at approximately $5.9 billion for 28 anticipated missions and has received cumulative U.S. federal contracts exceeding $24 billion since 2008. Any policy change, budget reduction, or political development affecting these programs could have a material adverse effect on the Company’s revenues. The Company has a dual-class share structure under which Elon Musk controls 85.1% of the Underlying Stock’s voting power through a dual-class share structure combining his 12.3% common stake with a 93.6% holding in Class B super-voting shares, each carrying ten votes. As a result, public shareholders will have no meaningful ability to influence major corporate decisions, including mergers, acquisitions, executive compensation, the election of directors, or strategic pivots. The Company will be a ‘controlled company’ under Nasdaq listing rules, meaning it is exempt from certain corporate governance requirements that would otherwise apply to listed companies. The concentration of voting control in Elon Musk means that his personal views, business interests, or actions — including his roles at Tesla, The Boring Company and Neuralink — could materially influence the Underlying Stock’s strategic direction regardless of the preferences of other shareholders. Musk’s simultaneous roles at Tesla, The Boring Company and Neuralink represent extraordinary key-person risk. Any departure, incapacitation, or regulatory sanction against Musk directly threatens NASA, Department of Defense, and commercial contracts that require CEO stability. The Underlying Stock’s NASA and Department of Defense contracts, which collectively represent approximately $5.9 billion in 2025 government revenue, may contain provisions requiring continuity of key management or may be subject to renegotiation if senior leadership changes materially. The Mars colonization narrative, heavy-lift capability, and Starlink Gen 2 satellite deployment all depend on Starship achieving regular, reliable flight. A launch failure, regulatory grounding, or sustained technical setback affecting Starship could materially impair the Company’s ability to execute its stated business strategy and could adversely affect the market price of the Underlying Stock. Starlink faces accelerating competition from low Earth orbit satellite operators. Increased competition may compress Starlink’s average revenue per user and subscriber growth rates, adversely affecting the Company’s financial performance. Any of these factors may materially and adversely impact the price of the Underlying Stock shares, increase volatility, and negatively impact the performance of the Fund. The Underlying Stock commenced its initial public offering (“IPO”) on June 12, 2026. Although the Underlying Stock now has a trading history, it remains a relatively recently listed security and may be subject to elevated volatility compared to stocks with longer public trading histories. The price of the Underlying Stock shares could continue to be volatile and could decline in value significantly in the future. Any of these factors may materially and adversely impact the price of the Underlying Stock, increase the volatility of an investment in the Underlying Stock and have a negative impact on the performance of the Fund. Aerospace and Defense Industry Risk: The Fund’s investment exposure is concentrated in the aerospace and defense industry. Companies in this industry are subject to significant operational, technical, and regulatory risks, including launch vehicle failures, loss of payload, damage to third parties, and regulatory grounding of vehicles following anomalies. The industry is heavily dependent on U.S. government contracts, which are subject to modification, termination, or non-renewal at the government’s discretion and may be adversely affected by changes in government policy, defense budget appropriations, or geopolitical developments. Aerospace and defense companies face intense competition from both established domestic competitors and foreign state-sponsored launch providers. The industry is subject to extensive regulatory oversight by the Federal Aviation Administration, the Department of Defense, and export control authorities, including the International Traffic in Arms Regulations. Adverse developments in any of these areas could materially and adversely affect the Underlying Stock and the performance of the Fund. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--SatelliteCommunicationsIndustryRiskMember_z4wKdu8Wj5xc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Satellite Communications Industry Risk: The Fund’s investment exposure is concentrated in the satellite communications industry. Companies in this industry operate in a highly competitive and rapidly evolving market for broadband connectivity services, facing competition from established terrestrial telecommunications providers, emerging low Earth orbit satellite operators, and foreign state-sponsored constellation programs. Satellite communications companies are subject to radio frequency spectrum allocation and coordination requirements administered by the Federal Communications Commission and international regulatory bodies; changes in spectrum policy, orbital debris regulations, or licensing requirements could adversely affect operations and expansion plans. The industry requires substantial and continuous capital expenditure to manufacture, launch, and maintain satellite constellations, and revenues may be adversely affected by subscriber churn, pricing pressure, and the emergence of competing technologies such as direct-to-device terrestrial networks. Any sustained decline in satellite broadband demand or increase in competitive intensity could materially adversely affect the Underlying Stock and the performance of the Fund. Social Media Industry Risk: The Fund’s investment exposure is concentrated in the social media industry. Social media companies are subject to extensive and rapidly evolving regulatory scrutiny across multiple jurisdictions, including privacy and data protection laws, content moderation requirements, algorithmic transparency obligations, and antitrust investigations. Advertising revenue, which constitutes a significant portion of social media revenue, is highly cyclical and sensitive to macroeconomic conditions, changes in advertiser sentiment, and the emergence of competing platforms. Social media companies face significant reputational risks arising from user-generated content, misinformation, and platform moderation decisions, any of which could result in advertiser boycotts, regulatory sanctions, or user attrition. The industry is subject to litigation risk arising from intellectual property disputes, privacy violations, and content liability claims. User engagement metrics are subject to rapid change, and the loss of active users or failure to attract younger demographics could materially and adversely affect the Underlying Stock and the performance of the Fund. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ArtificialIntelligenceInfrastructureIndustryRiskMember_z4jRI2GGKone" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Artificial Intelligence Infrastructure Industry Risk: The Fund’s investment exposure is concentrated in the artificial intelligence infrastructure industry. Companies in this industry are engaged in the development, training, and deployment of large-scale artificial intelligence models and the construction and operation of the data center infrastructure required to support them, both of which are capital-intensive activities with uncertain and long-dated returns. AI infrastructure companies face significant execution risk, including the risk of cost overruns, GPU supply constraints, and rapid obsolescence of hardware investments. The industry is subject to regulatory investigations and potential restrictions in multiple jurisdictions relating to AI safety, data privacy, deepfake technologies, and algorithmic bias. Competition among AI model developers is intense, and market share can shift rapidly in response to technological advances by competitors. The failure to achieve commercial traction for AI products, or adverse regulatory outcomes, could result in significant financial losses that materially and adversely affect the Underlying Stock and the performance of the Fund. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zPYJXJcd2IHk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the leverage daily returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leverage daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid"> 10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">25%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">50%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">75%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">100%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">125%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 45%; border-left: black 1pt solid; background-color: white; text-align: center">-95%</td> <td style="border-right: Black 1pt solid; border-bottom: black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 20%; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-90%</td> <td style="border-right: Black 1pt solid; border-bottom: black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-180%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-80%</td> <td style="border-right: Black 1pt solid; border-bottom: black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-160%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-70%</td> <td style="border-right: Black 1pt solid; border-bottom: black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-140%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-120%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-50%</td> <td style="border-top: black 1pt solid; border-right: Black 1pt solid; border-bottom: black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-100%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-40%</td> <td style="border-right: Black 1pt solid; border-bottom: black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-30%</td> <td style="border-right: Black 1pt solid; border-bottom: black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-20%</td> <td style="border-right: Black 1pt solid; border-bottom: black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-10%</td> <td style="border-right: Black 1pt solid; border-bottom: black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">0%</td> <td style="border-right: Black 1pt solid; border-bottom: black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">10%</td> <td style="border-right: Black 1pt solid; border-bottom: black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">20%</td> <td style="border-right: Black 1pt solid; border-bottom: black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">30%</td> <td style="border-right: Black 1pt solid; border-bottom: black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">40%</td> <td style="border-right: Black 1pt solid; border-bottom: black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">50%</td> <td style="border-right: Black 1pt solid; border-bottom: black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">60%</td> <td style="border-right: Black 1pt solid; border-bottom: black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">70%</td> <td style="border-right: Black 1pt solid; border-bottom: black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">80%</td> <td style="border-right: Black 1pt solid; border-bottom: black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">90%</td> <td style="border-right: Black 1pt solid; border-bottom: black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">95%</td> <td style="border-right: Black 1pt solid; border-bottom: black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock commenced its IPO on June 12, 2026 and has a limited trading history. As of the date of this prospectus, the Underlying Stock does not have an extended track record of historical performance or daily volatility as a publicly traded security. Accordingly, no annualized performance or volatility data is available for prior years. The trading price of the Underlying Stock is likely to be volatile compared to the market. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines by more than 50%. Leverage will also have the effect of magnifying any differences in the Fund’s performance correlation with the Underlying Stock. Due to the limited availability of necessary investments or financial instruments, the Fund could, among other things, as a defensive measure, limit or suspend creations or redemptions of Creation Units until the adviser determines that the requisite exposure to the Underlying Stock is obtainable. During the period that creations or redemptions are affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zH6Hknihytai" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_z3h65Q9amjdb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions. The Fund may be required to deviate from its investment objective as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” and “Leverage Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: Because the Fund has not yet completed a full calendar year of investment operations, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Updated performance information, when available, will be available online at www.graniteshares.com or by calling 844-476-8747. In the future, performance information will be presented in this section of this Prospectus www.graniteshares.com 844-476-8747 Investment Objective The Fund seeks daily investment results, before fees and expenses, of -2 times (-200%) the daily percentage change of Space Exploration Technologies Corp. d/b/a SpaceX (Nasdaq: SPCX) (the “Underlying Stock”). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A89_eoef--AnnualFundOperatingExpensesTableTextBlock_z8ySgtcnBklh"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zP2s9drMPnF2" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_498_20261028__20261028__oef--ClassAxis__custom--C000274313Member_zqMnuY0zUNnj" style="text-align: right">2.00</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid"> </td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_zSoCsHt5XY07" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">2.00</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_zejnl5O4HB46" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp_zVYMMbZPBP19" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.88</td><td style="text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zY5uWV0d0cre" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_iT_dp_z1Gsvc05n70l" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2.91</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dp_zdkdqjTnpNk3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements (4)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.00</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_iT_dp_zwdsCnjYVOa8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2.91</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are based on actual amounts estimated for the Fund’s fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s fiscal year ending June 30, 2027.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 3.00%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0200 0.0000 0.0088 0.0003 0.0291 0.0000 0.0291 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchangetraded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8D_eoef--ExpenseExampleWithRedemptionTableTextBlock_ziZ3qoNmWqu4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zo76UMuYiB6d" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_983_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000274313Member_zNTYWwTpY2Yl" style="width: 47%; text-align: right">294</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98A_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000274313Member_zx7ud1EvKtHf" style="width: 47%; text-align: right">900</td><td style="width: 1%; text-align: left"> </td> </tr> </table> 294 900 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it, directly or indirectly through a subsidiary, buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio, since the Fund invested only in instruments that are excluded from portfolio turnover rate calculations. However, if the Fund’s use of derivatives were reflected, the Fund’s portfolio turnover rate would be higher. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2x the inverse (-200%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately -200% of the Fund’s net asset value. The Fund aims to generate the inverse daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money put option contracts, or simultaneously buy an at-the-money put option contract and sell an at-the-money call option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each put option contract bought and receive the premium for each call option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the put and sells the call option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the inverse performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the aerospace and defense, satellite communications, social media, and artificial intelligence infrastructure industries. Space Exploration Technologies Corp. (the “Company”) designs, manufactures, and launches advanced rockets and spacecraft, including the Falcon 9, Falcon Heavy, and Dragon systems, as well as the Starship launch system. The Company develops and operates the Starlink low-Earth-orbit satellite internet constellation. In February 2026, the Company completed an all-stock merger with xAI, Inc. (“xAI”), Elon Musk’s artificial intelligence company and the parent of the social media platform X (formerly Twitter), which is now operated as a subsidiary of the Company. Following the merger, the Company rebranded xAI’s artificial intelligence operations as SpaceXAI and is pursuing an ‘Orbital AI Data Centers’ initiative combining satellite connectivity with edge computing infrastructure. The Company is incorporated in Texas and is headquartered at 1 Rocket Road, Starbase, Texas 78521. The Company is registered under the Securities Exchange Act of 1934, as amended (the ‘Exchange Act’). Information provided to or filed with the Securities and Exchange Commission by the Company pursuant to the Exchange Act can be located by reference to the SEC file number 333-296070 through the Commission’s website at www.sec.gov. In addition, information regarding the Company may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance decreases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Space Exploration Technologies Corp. (the Company). The common stock of the Company is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by the Company pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Company may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The Fund’s performance depends on the performance of the Underlying Stock. The price of Underlying Stock can be affected by a number of factors. Investing in the Underlying Stock involves a high degree of risk. The Company operates in a rapidly changing and highly competitive industry. The Company’s launch services business of space vehicles is subject to significant operational, technical, and regulatory risks inherent in the aerospace and space industries, including the risk of launch vehicle failure, loss of payload, damage to third parties, and regulatory grounding of vehicles following anomalies. Any such events could result in significant financial losses, reputational harm, and regulatory consequences that adversely affect the Company’s business. Starlink operates in a highly competitive and rapidly evolving market for satellite broadband services. The Company faces competition from established telecommunications providers and emerging low earth orbit satellite operators. Starlink’s operations are subject to radio frequency spectrum allocation and coordination requirements administered by the Federal Communications Commission and international regulatory bodies. Changes in spectrum policy, orbital debris regulations, or licensing requirements could adversely affect Starlink’s operations and expansion plans. In February 2026, the Company completed an all-stock merger with xAI, fundamentally transforming the Company from a launch and satellite business into a combined aerospace, satellite broadband, social media, and artificial intelligence conglomerate. Whether SpaceXAI becomes a meaningful revenue contributor or a sustained drag on the Company’s financial condition is uncertain and cannot be predicted. Adverse outcomes of regulatory investigations into xAI’s products in multiple jurisdictions, the failure to demonstrate revenue synergies from the merger, or the inability to attract or retain AI talent could have a material negative impact on the Company’s combined business and valuation. A significant portion of the Company’s revenue is derived from contracts with U.S. government agencies, including NASA and the Department of Defense. These contracts are subject to modification, termination, or non-renewal at the government’s discretion and may be affected by changes in government policy, budgetary constraints, or political developments. Any reduction in the Company’s government business could have a material adverse effect on the Company’s revenues and financial condition. The Company also holds the NSSL Phase 3 Lane 2 contract valued at approximately $5.9 billion for 28 anticipated missions and has received cumulative U.S. federal contracts exceeding $24 billion since 2008. Any policy change, budget reduction, or political development affecting these programs could have a material adverse effect on the Company’s revenues. The Company has a dual-class share structure under which Elon Musk controls 85.1% of the Underlying Stock’s voting power through a dual-class share structure combining his 12.3% common stake with a 93.6% holding in Class B super-voting shares, each carrying ten votes. As a result, public shareholders will have no meaningful ability to influence major corporate decisions, including mergers, acquisitions, executive compensation, the election of directors, or strategic pivots. The Company will be a ‘controlled company’ under Nasdaq listing rules, meaning it is exempt from certain corporate governance requirements that would otherwise apply to listed companies. The concentration of voting control in Elon Musk means that his personal views, business interests, or actions — including his roles at Tesla, The Boring Company and Neuralink — could materially influence the Underlying Stock’s strategic direction regardless of the preferences of other shareholders. Musk’s simultaneous roles at Tesla, The Boring Company and Neuralink represent extraordinary key-person risk. Any departure, incapacitation, or regulatory sanction against Musk directly threatens NASA, Department of Defense, and commercial contracts that require CEO stability. The Underlying Stock’s NASA and Department of Defense contracts, which collectively represent approximately $5.9 billion in 2025 government revenue, may contain provisions requiring continuity of key management or may be subject to renegotiation if senior leadership changes materially. The Mars colonization narrative, heavy-lift capability, and Starlink Gen 2 satellite deployment all depend on Starship achieving regular, reliable flight. A launch failure, regulatory grounding, or sustained technical setback affecting Starship could materially impair the Company’s ability to execute its stated business strategy and could adversely affect the market price of the Underlying Stock. Starlink faces accelerating competition from low Earth orbit satellite operators. Increased competition may compress Starlink’s average revenue per user and subscriber growth rates, adversely affecting the Company’s financial performance. Any of these factors may materially and adversely impact the price of the Underlying Stock shares, increase volatility, and negatively impact the performance of the Fund. The Underlying Stock commenced its initial public offering (“IPO”) on June 12, 2026. Although the Underlying Stock now has a trading history, it remains a relatively recently listed security and may be subject to elevated volatility compared to stocks with longer public trading histories. The price of the Underlying Stock shares could continue to be volatile and could decline in value significantly in the future. Any of these factors may materially and adversely impact the price of the Underlying Stock, increase the volatility of an investment in the Underlying Stock and have a negative impact on the performance of the Fund. Aerospace and Defense Industry Risk: The Fund’s investment exposure is concentrated in the aerospace and defense industry. Companies in this industry are subject to significant operational, technical, and regulatory risks, including launch vehicle failures, loss of payload, damage to third parties, and regulatory grounding of vehicles following anomalies. The industry is heavily dependent on U.S. government contracts, which are subject to modification, termination, or non-renewal at the government’s discretion and may be adversely affected by changes in government policy, defense budget appropriations, or geopolitical developments. Aerospace and defense companies face intense competition from both established domestic competitors and foreign state-sponsored launch providers. The industry is subject to extensive regulatory oversight by the Federal Aviation Administration, the Department of Defense, and export control authorities, including the International Traffic in Arms Regulations. Adverse developments in any of these areas could materially and adversely affect the Underlying Stock and the performance of the Fund. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--SatelliteCommunicationsIndustryRiskMember_zbMxn5NOYual" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Satellite Communications Industry Risk: The Fund’s investment exposure is concentrated in the satellite communications industry. Companies in this industry operate in a highly competitive and rapidly evolving market for broadband connectivity services, facing competition from established terrestrial telecommunications providers, emerging low Earth orbit satellite operators, and foreign state-sponsored constellation programs. Satellite communications companies are subject to radio frequency spectrum allocation and coordination requirements administered by the Federal Communications Commission and international regulatory bodies; changes in spectrum policy, orbital debris regulations, or licensing requirements could adversely affect operations and expansion plans. The industry requires substantial and continuous capital expenditure to manufacture, launch, and maintain satellite constellations, and revenues may be adversely affected by subscriber churn, pricing pressure, and the emergence of competing technologies such as direct-to-device terrestrial networks. Any sustained decline in satellite broadband demand or increase in competitive intensity could materially adversely affect the Underlying Stock and the performance of the Fund. Social Media Industry Risk: The Fund’s investment exposure is concentrated in the social media industry. Social media companies are subject to extensive and rapidly evolving regulatory scrutiny across multiple jurisdictions, including privacy and data protection laws, content moderation requirements, algorithmic transparency obligations, and antitrust investigations. Advertising revenue, which constitutes a significant portion of social media revenue, is highly cyclical and sensitive to macroeconomic conditions, changes in advertiser sentiment, and the emergence of competing platforms. Social media companies face significant reputational risks arising from user-generated content, misinformation, and platform moderation decisions, any of which could result in advertiser boycotts, regulatory sanctions, or user attrition. The industry is subject to litigation risk arising from intellectual property disputes, privacy violations, and content liability claims. User engagement metrics are subject to rapid change, and the loss of active users or failure to attract younger demographics could materially and adversely affect the Underlying Stock and the performance of the Fund. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ArtificialIntelligenceInfrastructureIndustryRiskMember_zs04kDTTj82i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Artificial Intelligence Infrastructure Industry Risk: The Fund’s investment exposure is concentrated in the artificial intelligence infrastructure industry. Companies in this industry are engaged in the development, training, and deployment of large-scale artificial intelligence models and the construction and operation of the data center infrastructure required to support them, both of which are capital-intensive activities with uncertain and long-dated returns. AI infrastructure companies face significant execution risk, including the risk of cost overruns, GPU supply constraints, and rapid obsolescence of hardware investments. The industry is subject to regulatory investigations and potential restrictions in multiple jurisdictions relating to AI safety, data privacy, deepfake technologies, and algorithmic bias. Competition among AI model developers is intense, and market share can shift rapidly in response to technological advances by competitors. The failure to achieve commercial traction for AI products, or adverse regulatory outcomes, could result in significant financial losses that materially and adversely affect the Underlying Stock and the performance of the Fund. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zH7laZhf6C7c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the daily inverse returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate inverse daily returns. For a Fund aiming to replicate the inverse performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 17.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Inverse Fund would be expected to lose 95.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Inverse Fund can be expected to return less than -200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of the Underlying Stock. The Inverse Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border-top: black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: Black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"> 10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">25%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">75%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 45%; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-95%</td> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 20%; border-bottom: Black 1pt solid; text-align: center">190%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">36110.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">31935.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">18570.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">7461.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">2021.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">292.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-53.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-90%</td> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">180%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">9182.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">7895.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">4554.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">1756.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">406.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-8.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-89.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-80%</td> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">160%</td> <td style="border-right: Black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">2261.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">1930.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">1074.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">367.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">23.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-78.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-70%</td> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">140%</td> <td style="border-right: Black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">962.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">810.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">421.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">108.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-45.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-90.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-99.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-60%</td> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">120%</td> <td style="border-right: Black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">500.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">415.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">196.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">15.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-69.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-94.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-99.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-50%</td> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">100%</td> <td style="border-right: Black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">286.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">230.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">89.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-25.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-80.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-96.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-99.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-40%</td> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">80%</td> <td style="border-right: Black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">168.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">130.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">31.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-48.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-97.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-99.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-30%</td> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">60%</td> <td style="border-right: Black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">98.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">69.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-62.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-90.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-98.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-99.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-20%</td> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">40%</td> <td style="border-right: Black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">51.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">29.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-26.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-71.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-98.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-10%</td> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">20%</td> <td style="border-right: Black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">2.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-41.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-77.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-94.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0%</td> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">0%</td> <td style="border-right: Black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-2.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-52.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-81.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-95.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">10%</td> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">-20%</td> <td style="border-right: Black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-19.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-84.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-96.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">20%</td> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">-40%</td> <td style="border-right: Black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-32.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-42.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-67.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-87.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-96.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">30%</td> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">-60%</td> <td style="border-right: Black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-42.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-51.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-89.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-97.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">40%</td> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">-80%</td> <td style="border-right: Black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-50.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-57.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-76.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-90.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-97.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-99.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">50%</td> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">-100%</td> <td style="border-right: Black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-56.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-63.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-79.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-92.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">60%</td> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">-120%</td> <td style="border-right: Black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-62.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-67.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-81.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">70%</td> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">-140%</td> <td style="border-right: Black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-66.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-71.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-83.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">80%</td> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">-160%</td> <td style="border-right: Black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-70.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-74.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">90%</td> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">-180%</td> <td style="border-right: Black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-73.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-77.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-95.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">100%</td> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">-200%</td> <td style="border-right: Black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-74.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-78.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-95.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> </table> The Underlying Stock commenced its IPO on June 12, 2026 and has a limited trading history. As of the date of this prospectus, the Underlying Stock does not have an extended track record of historical performance or daily volatility as a publicly traded security. Accordingly, no annualized performance or volatility data is available for prior years. The trading price of the Underlying Stock is likely to be volatile compared to the market. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from -200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect -200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Short Sale Exposure Risk: The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock increases by more than 50%. Due to the limited availability of necessary investments or financial instruments, the Fund could, among other things, as a defensive measure, limit or suspend creations or redemptions of Creation Units until the adviser determines that the requisite exposure to the underlying Stock is obtainable. During the period that creations or redemptions are affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zEiV7EDprxDi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zuA9FeL8nDxc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate -2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: Because the Fund has not yet completed a full calendar year of investment operations, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Updated performance information, when available, will be available online at www.graniteshares.com or by calling 844-476-8747. Because the Fund has not yet completed a full calendar year of investment operations, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus www.graniteshares.com 844-476-8747 Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Spotify Technology SA (NYSE: SPOT). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A89_eoef--AnnualFundOperatingExpensesTableTextBlock_zxS8HUybDwAi"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zkYfKn7mZKkl" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none; text-align: left">Management Fee</td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_49F_20261028__20261028__oef--ClassAxis__custom--C000262882Member_zklAiwWRige1" style="display: none; text-align: right">1.30</td><td style="display: none; text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dp_zYplbGHZW7X7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--DistributionAndService12b1FeesOverAssets_dp_zg7fkA2T3oQ3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_409_eoef--OtherExpensesOverAssets_dp_z4SkWSCpLY67" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.06</td><td style="text-align: left">%</td></tr> <tr id="xdx_409_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zvs7n2GQyKU4" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_iT_dp_zavWUWDUlJf9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: left">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--FeeWaiverOrReimbursementOverAssets_dp_zGqX0lObPwV9" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Fee Waiver/Reimbursements (4)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40F_eoef--NetExpensesOverAssets_iT_dp_z48bMeAv8zW" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: left">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0130 0.0000 0.0006 0.0003 0.0139 0.0139 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A83_eoef--ExpenseExampleWithRedemptionTableTextBlock_z487a0XWciZ2"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zdwP2DVKNVha" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000262882Member_zNZWDiOnWix3" style="width: 47%; text-align: right">145</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000262882Member_z5GY2OatgZ9i" style="width: 47%; text-align: right">474</td><td style="width: 1%; text-align: left"> </td></tr> </table> 145 474 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet been launched. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2 times (200%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock in a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 30% and 45% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transaction, which is a transaction under which the purchaser (i.e., the Fund) acquires a security and the seller agrees, at the time of the sale, to repurchase the security at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) equity or fixed income securities for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the daily performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the digital music streaming and entertainment industry. Spotify Technology SA a Luxembourg-based company, which offers digital music-streaming services. Spotify Technology SA is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Spotify Technology SA pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-223300 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Spotify Technology SA may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Spotify Technology SA The common stock of Spotify Technology SA is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Spotify Technology SA pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Spotify Technology SA may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the digital music streaming and entertainment industry. The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by the company’s ability to attract and retain subscribers and free users, licensing agreements with music labels and content creators, competition from other music streaming and entertainment platforms, advertising revenue trends, expansion into podcasts and audiobooks, and government regulations affecting digital media and streaming services. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zz7hYzZah94a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the daily leverage returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate daily leverage returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid"> 10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">25%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">50%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">75%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">100%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">125%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 45%; border-left: black 1pt solid; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 20%; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-180%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-160%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-140%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-120%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-50%</td> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-100%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 48.52%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 67.71% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 17.92%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zM8pK7lAO6p6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zhj8kBRSePYb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” and “Leverage Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_908_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000094380Member_zXfg444bTFvj">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective The Fund seeks daily investment results, before fees and expenses, of 1.25 times (125%) the daily percentage change of the common stock of Tesla Inc, (NASDAQ: TSLA). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A8A_eoef--AnnualFundOperatingExpensesTableTextBlock_ztSeNsvJK3ad"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zej11OCuDsf1" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none; text-align: left">Management Fee</td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_499_20261028__20261028__oef--ClassAxis__custom--C000236093Member_zX7MZOnIVmBc" style="display: none; text-align: right">0.99</td><td style="display: none; text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dp_zeD9Ij2IhYT3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">0.99</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--DistributionAndService12b1FeesOverAssets_dp_zLXQB9CDTeJ" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_409_eoef--OtherExpensesOverAssets_dp_zJb3pPHmMZtd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.24</td><td style="text-align: left">%</td></tr> <tr id="xdx_406_ecustom--RecoupmentOfPreviouslyWaivedExpenses_dpn_zpWyP54KUhVe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Recoupment of previously waived expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.09</td><td style="text-align: left">%</td></tr> <tr id="xdx_409_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zNQL9WHK0tEk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_iT_dp_zXXKkw5me4tk" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; text-align: left">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.35</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--FeeWaiverOrReimbursementOverAssets_dp_zNCT8ej8krX3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">Fee Waiver/Reimbursements/Fees Paid Indirectly (4), (5)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-0.17</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40F_eoef--NetExpensesOverAssets_iT_dp_z7j5nSOZqqxf" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; text-align: left">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4), (5)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.18</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are based on actual amounts incurred during the Fund’s fiscal period ended June 30, 2026.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s fiscal year ending June 30, 2027.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.15%. This agreement is effective until December 31, 2027 and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_F0D_zVyKtkBS4uGa" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(5)</td> <td id="xdx_F13_zjMG66ZvrV71" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The Funds’ have a fee arrangement with its custodian which provides for custody fees to be reduced by Create/Redeem credits received by the custodian from Authorized Participants.</td></tr> </table> 0.0099 0.0000 0.0024 0.0009 0.0003 0.0135 -0.0017 0.0118 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8E_eoef--ExpenseExampleWithRedemptionTableTextBlock_z5ZaIXncXvJi"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zEala7R6jWQc" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 85%; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">5 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">10 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_985_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000236093Member_zYDirYrzaOVh" style="width: 22%; text-align: right">120</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98D_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000236093Member_zoMSqWP8Z531" style="width: 22%; text-align: right">411</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_985_eoef--ExpenseExampleYear05_c20261028__20261028__oef--ClassAxis__custom--C000236093Member_zRiKa8QmeUI4" style="width: 21%; text-align: right">723</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_eoef--ExpenseExampleYear10_c20261028__20261028__oef--ClassAxis__custom--C000236093Member_zPAf1LrjaCEi" style="width: 21%; text-align: right">1,607</td><td style="width: 1%; text-align: left"> </td></tr> </table> 120 411 723 1607 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio, since the Fund invested only in instruments that are excluded from portfolio turnover rate calculations. However, if the Fund’s use of derivatives were reflected, the Fund’s portfolio turnover rate would be higher. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 1.25 times (125%) the daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 125% of the Fund’s net asset value. The Fund aims to generate 1.25 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 1.25 times the performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the automotive industry. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 125% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Tesla, Inc. The common stock of Tesla, Inc. (TSLA) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Tesla, Inc. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Tesla, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by company’s ability to develop and launch new products, the growth of its sales and delivery capabilities, part supplier constraints or delays, consumer demand for electric vehicles and competition from existing and competitors. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_z4dNGJM2Bz62" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the leveraged daily returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns. For a Fund aiming to replicate 1.25 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 0.9% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock annualized volatility is 100%, the Fund would be expected to lose 14.1% of its value, even if the cumulative Underlying Stock return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 125% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 125% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; text-align: center">125% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">10%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">25%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">50%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">75%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">100%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">125%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 47%; border-left: black 1pt solid; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 18%; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-119%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-97.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-97.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-97.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-98.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-113%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-94.4%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-94.5%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-94.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-95.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-95.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-96.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-100%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-86.7%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-86.8%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-87.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-87.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-88.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-89.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-90.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-88%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-77.9%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-78.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-78.7%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-79.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-81.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-82.7%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-84.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; background-color: white; text-align: center">-75%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-68.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-68.5%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-69.5%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-71.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-72.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-75.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #DA8E86; text-align: center">-77.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-50%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; background-color: white; text-align: center">-63%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-58.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-58.4%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-59.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-61.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-63.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-67.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-70.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-50%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-47.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-47.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-49.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-51.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-55.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-58.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-62.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-38%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-36.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-36.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-38.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-41.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-45.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-49.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-54.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-25%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-24.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-27.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-30.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-35.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-40.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-47.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-13%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-12.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-13.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-15.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-25.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-31.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-37.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-0.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-0.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-3.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-8.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-14.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-22.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-29.2%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">13%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">12.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">11.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">8.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">3.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-10.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-20.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">25%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">25.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">24.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">20.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">14.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">7.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-1.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-11.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">38%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">38.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">37.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">33.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">27.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">19.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">8.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-3.2%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">52.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">50.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">46.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">39.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">30.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">20.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">7.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">63%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">65.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">64.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">59.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">51.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">42.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">28.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">18.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">75%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">79.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">78.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">73.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">64.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">54.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">42.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">23.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">88%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">93.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">92.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">86.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">77.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">66.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">52.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">36.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">108.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">106.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">100.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">91.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">78.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">62.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">48.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">113%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">120.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">114.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">103.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">91.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">76.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">56.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">119%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">129.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">128.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">121.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">111.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">97.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">79.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">64.4%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 60.73%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 75.92% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 8.50%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 125% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 125% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 1.25% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 80%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Automotive Company Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to risks of the automotive sector. The automotive sector industry can be highly cyclical, and companies in the industry may suffer periodic operating losses. Automotive companies can be significantly affected by labor relations and fluctuating component prices. Developments in automotive technologies (e.g., autonomous vehicle technologies) may require significant capital expenditures that may not generate profits for several years, if ever. Automotive companies may be significantly subject to government policies and regulations regarding imports and exports of automotive products. Governmental policies affecting the automotive industry, such as taxes, tariffs, duties, subsidies, and import and export restrictions on automotive products can influence industry profitability. In addition, such companies must comply with environmental laws and regulations, for which there may be severe consequences for non-compliance. While most of the major automotive manufacturers are large companies, certain others may be non-diversified in both product line and customer base and may be more vulnerable to certain events that may negatively impact the automotive industry. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market Stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market Conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 1.25 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objective as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” and “Leverage Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: The following performance information indicates some of the risks of investing in the Fund. The bar chart shows the Fund’s performance from year to year. The table illustrates how the Fund’s average annual returns for the 1-year and since inception periods compared with those of a broad measure of market performance. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_900_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000076347Member_zYD3125TgDm5">The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Updated performance information is also available on the Fund’s website at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_908_eoef--PerformanceAvailabilityWebSiteAddress_c20261028__20261028__dei--LegalEntityAxis__custom--S000076347Member_z7mAUUM0vIXl">www.graniteshares.com or by calling the Fund toll free at 844-476-8747. <img alt="" src="pg912-1018_001.jpg"/> During the periods shown in the bar chart above, the Fund’s highest quarterly return was <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_90D_eoef--BarChartHighestQuarterlyReturn_pid_dp_uRatio_c20261028__20261028__dei--LegalEntityAxis__custom--S000076347Member_z76Cbkv7xCoj">85.34% (quarter ended March 31, 2023) and the Fund’s lowest quarterly return was <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_90E_eoef--BarChartLowestQuarterlyReturn_pid_dp_uRatio_c20261028__20261028__dei--LegalEntityAxis__custom--S000076347Member_zYAutKNOqnE">-44.22% (quarter ended March 31, 2025). The calendar year-to-date total return of the Fund as of September 30, 2026, was <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_903_eoef--BarChartYearToDateReturn_pid_dp_uRatio_c20261028__20261028__dei--LegalEntityAxis__custom--S000076347Member_zCScWjRoWW0b">-29.25%. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. www.graniteshares.com 844-476-8747 highest quarterly return 0.8534 2023-03-31 lowest quarterly return -0.4422 2025-03-31 year-to-date total return 2026-09-30 -0.2925 Average Annual Total Returns for the Periods Ended December 31, 2025 <div id="xdx_A8D_eoef--PerformanceTableTextBlock_zjEx8ccQfJAj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zWlNDEp8iZ13" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Since Inception (8/8/2022)</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left; padding-bottom: 1pt">Return Before Taxes</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td id="xdx_98F_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20250701__20260630__dei--LegalEntityAxis__custom--S000076347Member_zoIKMVL1Bwqj" style="border-bottom: Black 1pt solid; width: 16%; text-align: right">3.37</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">%</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td id="xdx_985_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20220808__20220808__dei--LegalEntityAxis__custom--S000076347Member_zBKW6VmFrRNf" style="border-bottom: Black 1pt solid; width: 16%; text-align: right">4.79</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Return After Taxes on Distributions</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_985_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20250701__20260630__dei--LegalEntityAxis__custom--S000076347Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zzbckijrntx7" style="border-bottom: Black 1pt solid; text-align: right">3.37</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20220808__20220808__dei--LegalEntityAxis__custom--S000076347Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zxyMF3IDDTG8" style="border-bottom: Black 1pt solid; text-align: right">-0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; text-align: left; padding-bottom: 1pt">Return After Taxes on Distributions and Sale of Fund Shares</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20250701__20260630__dei--LegalEntityAxis__custom--S000076347Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zbCj84mMbwoh" style="border-bottom: Black 1pt solid; text-align: right">2.00</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_987_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20220808__20220808__dei--LegalEntityAxis__custom--S000076347Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zo8TLH1010E2" style="border-bottom: Black 1pt solid; text-align: right">1.07</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">S&P 500 (no fees and expenses, or taxes applied)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20250701__20260630__dei--LegalEntityAxis__custom--S000076347Member__oef--PerformanceMeasureAxis__custom--SAndP500Member_zWXUikK3Vxal" style="border-bottom: Black 1pt solid; text-align: right">17.88</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_983_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20220808__20220808__dei--LegalEntityAxis__custom--S000076347Member__oef--PerformanceMeasureAxis__custom--SAndP500Member_z5FBtezG2oE5" style="border-bottom: Black 1pt solid; text-align: right">17.68</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> </table> 2022-08-08 0.0337 0.0479 0.0337 -0.0003 0.0200 0.0107 0.1788 0.1768 Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Tesla Inc, (NASDAQ: TSLA). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A81_eoef--AnnualFundOperatingExpensesTableTextBlock_zqJf2bzmodw5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zHBKYnYzlhhi" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none; text-align: left">Management Fee</td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_490_20261028__20261028__oef--ClassAxis__custom--S000081146Member_zVyYnrbZutOa" style="display: none; text-align: right">0.95</td><td style="display: none; text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid"> </td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_z1OJblQLi2Je" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">0.95</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_z6jLzZufi9A9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_402_eoef--OtherExpensesOverAssets_dp_zQjjRnzhQFw7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.04</td><td style="text-align: left">%</td></tr> <tr id="xdx_406_ecustom--RecoupmentOfPreviouslyWaivedExpenses_dpn_zzhHKo1xonC1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Recoupment of previously waived expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.03</td><td style="text-align: left">%</td></tr> <tr id="xdx_409_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zzLHIwlxXWni" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_iT_dp_z1RI9XzsyJ2j" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.05</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dp_zWe6Zif3I5t6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements/Fees Paid Indirectly (4), (5)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-0.07</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_iT_dp_zSLZL47OwtR2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4), (5)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">0.98</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are based on actual amounts incurred during the Fund’s fiscal period ended June 30, 2026.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 0.95%. This agreement is effective until December 31, 2027 and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_F07_zkKf9uPaGBD6" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(5)</td> <td id="xdx_F1C_zhrA5FZA0ene" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The Funds’ have a fee arrangement with its custodian which provides for custody fees to be reduced by Create/Redeem credits received by the custodian from Authorized Participants.</td></tr> </table> 0.0095 0.0000 0.0004 0.0003 0.0003 0.0105 -0.0007 0.0098 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_zNzq4GGxqd9i"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zCDceKm0JTS6" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 85%; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">5 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">10 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_986_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000243817Member_zwcMNgxt4mH1" style="width: 22%; text-align: right">100</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000243817Member_zRwe9BFYaUNh" style="width: 22%; text-align: right">327</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_983_eoef--ExpenseExampleYear05_c20261028__20261028__oef--ClassAxis__custom--C000243817Member_zYuNIBLC6Rf5" style="width: 21%; text-align: right">572</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_eoef--ExpenseExampleYear10_c20261028__20261028__oef--ClassAxis__custom--C000243817Member_zPw6FsDa1xK1" style="width: 21%; text-align: right">1,275</td><td style="width: 1%; text-align: left"> </td></tr> </table> 100 327 572 1275 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio, since the Fund invested only in instruments that are excluded from portfolio turnover rate calculations. However, if the Fund’s use of derivatives were reflected, the Fund’s portfolio turnover rate would be higher. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2 times (200%) the daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the daily performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the automotive industry. Tesla, Inc. designs, manufactures and sells electric vehicles and electric vehicle powertrain components. TSLA is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Tesla, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-34756 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Tesla, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Tesla, Inc. The common stock of Tesla, Inc. (TSLA) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Tesla, Inc. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Tesla, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to risks of the automotive sector. The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by company’s ability to develop and launch new products, the growth of its sales and delivery capabilities, part supplier constraints or delays, consumer demand for electric vehicles and competition from existing and competitors. Governmental policies affecting the automotive industry, such as taxes, tariffs, duties, subsidies, and import and export restrictions on automotive products can influence industry profitability. In addition, such companies must comply with environmental laws and regulations, for which there may be severe consequences for non-compliance. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zw0ZcMlbWoI" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the leveraged daily returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">10%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">25%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">50%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">75%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">100%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">125%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 47%; border-left: black 1pt solid; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 18%; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-180%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-160%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-140%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; background-color: white; text-align: center">-120%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-50%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; background-color: white; text-align: center">-100%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 60.73%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 75.92% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 8.50%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 175% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsRiskMember_zQgF0KXdjLrg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zmNjTZ3NDxka" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zgK4zagwMH33" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objective as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” and “Leverage Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: The following performance information indicates some of the risks of investing in the Fund. The bar chart shows the Fund’s performance from year to year. The table illustrates how the Fund’s average annual returns for the 1-year and since inception periods compared with those of a broad measure of market performance. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_90D_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000081146Member_zH1izVxR0qHc">The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Updated performance information is also available on the Fund’s website at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_904_eoef--PerformanceAvailabilityWebSiteAddress_c20261028__20261028__dei--LegalEntityAxis__custom--S000081146Member_zIHiPT5nOPH">www.graniteshares.com or by calling the Fund toll free at 844-476-8747. <img alt="" src="pg912-1018_002.jpg"/> During the periods shown in the bar chart above, the Fund’s highest quarterly return was <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_90C_eoef--BarChartHighestQuarterlyReturn_pid_dp_uRatio_c20261028__20261028__dei--LegalEntityAxis__custom--S000081146Member_zCAzqdAEedje">102.77% (quarter ended December 31, 2024) and the Fund’s lowest quarterly return was <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_90F_eoef--BarChartLowestQuarterlyReturn_pid_dp_uRatio_c20261028__20261028__dei--LegalEntityAxis__custom--S000081146Member_zR1ExZoKDT61">-65.00% (quarter ended March 31, 2025). The calendar year-to-date total return of the Fund as of September 30, 2026, was <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_90F_eoef--BarChartYearToDateReturn_pid_dp_uRatio_c20261028__20261028__dei--LegalEntityAxis__custom--S000081146Member_ztstDqTbzJJ6">-51.11%. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. www.graniteshares.com 844-476-8747 highest quarterly return 1.0277 2024-12-31 lowest quarterly return -0.6500 2025-03-31 2026-09-30 -0.5111 Average Annual Total Returns for the Periods Ended December 31, 2025 <div id="xdx_A8C_eoef--PerformanceTableTextBlock_zmpnScCohCLd"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_z7JsRktOFHS" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Since Inception (8/21/2023)</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left; padding-bottom: 1pt">Return Before Taxes</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td id="xdx_98A_eoef--AvgAnnlRtrPct_dp_c20250701__20260630__dei--LegalEntityAxis__custom--S000081146Member_zKiHcqtvEv92" style="border-bottom: Black 1pt solid; width: 16%; text-align: right">-25.95</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">%</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td id="xdx_98B_eoef--AvgAnnlRtrPct_dp_c20230821__20230821__dei--LegalEntityAxis__custom--S000081146Member_zDgvKhgSUqnj" style="border-bottom: Black 1pt solid; width: 16%; text-align: right">11.05</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Return After Taxes on Distributions</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98F_eoef--AvgAnnlRtrPct_dp_c20250701__20260630__dei--LegalEntityAxis__custom--S000081146Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z2t7SAxWTPQ1" style="border-bottom: Black 1pt solid; text-align: right">-25.95</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eoef--AvgAnnlRtrPct_dp_c20230821__20230821__dei--LegalEntityAxis__custom--S000081146Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z3iQDqTWpXk1" style="border-bottom: Black 1pt solid; text-align: right">11.05</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; text-align: left; padding-bottom: 1pt">Return After Taxes on Distributions and Sale of Fund Shares</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_985_eoef--AvgAnnlRtrPct_dp_c20250701__20260630__dei--LegalEntityAxis__custom--S000081146Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zTx3WwKEMiua" style="border-bottom: Black 1pt solid; text-align: right">-15.36</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_eoef--AvgAnnlRtrPct_dp_c20230821__20230821__dei--LegalEntityAxis__custom--S000081146Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zGkwLzTZvPB3" style="border-bottom: Black 1pt solid; text-align: right">8.56</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">S&P 500 (no fees and expenses, or taxes applied)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_984_eoef--AvgAnnlRtrPct_dp_c20250701__20260630__dei--LegalEntityAxis__custom--S000081146Member__oef--PerformanceMeasureAxis__custom--SAndP500Member_zGkyHVZcWLt8" style="border-bottom: Black 1pt solid; text-align: right">17.88</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_986_eoef--AvgAnnlRtrPct_dp_c20230821__20230821__dei--LegalEntityAxis__custom--S000081146Member__oef--PerformanceMeasureAxis__custom--SAndP500Member_zv0MiuofHCOf" style="border-bottom: Black 1pt solid; text-align: right">22.25</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> </table> 2023-08-21 -0.2595 0.1105 -0.2595 0.1105 -0.1536 0.0856 0.1788 0.2225 Investment Objective The Fund seeks daily investment results, before fees and expenses, of -1 time (-100%) the daily percentage change of the common stock of Tesla Inc, (NASDAQ: TSLA). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A80_eoef--AnnualFundOperatingExpensesTableTextBlock_zyCfF9Dklgqb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zBRnkeUu87Ki" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none; text-align: left">Management Fee</td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_493_20261028__20261028__oef--ClassAxis__custom--S000076339Member_zeLRvLskj2Jb" style="display: none; text-align: right">1.30</td><td style="display: none; text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_zBXTBkBOfCok" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_zknEbKBUkcwb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp_zFB4JzeGEkpl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.06</td><td style="text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zzxH5woq5Ud9" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_iT_dp_zFVAqJ2SLgre" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: left">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dp_zHRjT1xJeKRg" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Fee Waiver/Reimbursements (4)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_iT_dp_zCn2cJoJ77Ff" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: left">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0130 0.0000 0.0006 0.0003 0.0139 0.0139 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8B_eoef--ExpenseExampleWithRedemptionTableTextBlock_zjiJ4tpKgX9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zS7ZCXTMAQ37" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000236085Member_zORmeDiu4J6b" style="width: 47%; text-align: right">145</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98A_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000236085Member_zE5Ttl8w8WE4" style="width: 47%; text-align: right">474</td><td style="width: 1%; text-align: left"> </td></tr> </table> 145 474 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet launched. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate the inverse (-100%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately -100% of the Fund’s net asset value. The Fund aims to generate the inverse daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money put option contracts, or simultaneously buy an at-the-money put option contract and sell an at-the-money call option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each put option contract bought and receive the premium for each call option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the put and sells the call option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have the inverse performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the automotive industry. Tesla, Inc. designs, manufactures and sells electric vehicles and electric vehicle powertrain components. TSLA is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Tesla, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-34756 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Tesla, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance decreases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Tesla, Inc. The common stock of Tesla, Inc. (TSLA) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Tesla, Inc. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Tesla, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to risks of the automotive sector. The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock objectives may be affected by Tesla Inc’s ability to develop and launch new products, the growth of its sales and delivery capabilities, part supplier constraints or delays, consumer demand for electric vehicles and competition from existing and competitors. Governmental policies affecting the automotive industry, such as taxes, tariffs, duties, subsidies, and import and export restrictions on automotive products can influence industry profitability. In addition, such companies must comply with environmental laws and regulations, for which there may be severe consequences for non-compliance. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zaKRw9QamPn" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the daily inverse returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate inverse daily returns. For a Fund aiming to replicate the inverse performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 8.4% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Inverse Fund would be expected to lose 63.5% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Inverse Fund can be expected to return less than -100% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -100% of the performance of the Underlying Stock. The Inverse Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; text-align: center">-100% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">10%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">25%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">50%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">75%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">100%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">125%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 47%; border-left: black 1pt solid; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 18%; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">1841.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">1773.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">1468.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">1065.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">656.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">336.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">119.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">90%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">875.7%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">829.7%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">670.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">470.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">270.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">112.7%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #DA8E86; text-align: center">7.2%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">80%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">391.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">366.3%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">288.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">185.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">84.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">5.4%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #DA8E86; text-align: center">-47.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">70%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">228.5%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">211.9%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">159.3%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">90.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">23.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-30.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #DA8E86; text-align: center">-65.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; background-color: white; text-align: center">60%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">146.9%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">134.3%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">94.8%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #DA8E86; text-align: center">42.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-7.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-47.4%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #DA8E86; text-align: center">-74.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-50%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; background-color: white; text-align: center">50%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">97.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">87.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">55.9%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">14.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-26.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-58.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-79.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">65.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">56.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">30.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-5.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-65.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-82.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">41.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">34.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">11.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-18.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-47.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-70.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">23.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">17.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-2.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-28.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-53.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-74.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-87.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">10.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">4.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-13.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-36.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-59.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-77.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-88.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-43.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-63.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-79.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-90.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-10.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-14.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-29.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-48.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-66.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-81.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-90.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-17.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-21.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-35.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-52.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-69.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-82.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-91.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-23.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-27.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-40.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-56.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-71.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-84.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-92.2%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-29.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-32.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-44.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-59.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-74.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-85.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-92.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-50%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-34.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-37.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-48.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-62.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-75.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-86.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-93.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-38.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-41.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-51.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-64.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-77.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-87.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-93.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-41.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-44.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-54.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-66.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-78.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-87.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-94.2%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-45.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-47.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-56.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-68.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-79.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-88.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-94.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-48.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-50.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-59.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-70.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-81.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-89.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-94.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-50.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-53.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-61.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-71.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-81.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-89.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-95.0%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 60.73%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 75.92% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 8.50%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from -100% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect -100% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Short Sale Exposure Risk: The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock increases more than 100%. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsRiskMember_zThEgc1Pbadc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zqaAI10vWzAh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zuOzF7HqXzJc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate -1 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_90B_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000076339Member_zbhVmA3S8UF3">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective The Fund seeks daily investment results, before fees and expenses, of -2 times (-200%) the daily percentage change of the common stock of Tesla Inc, (NASDAQ: TSLA). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A88_eoef--AnnualFundOperatingExpensesTableTextBlock_z1XA4QpVyHZ6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zFMh05kS0dZ7" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_491_20261028__20261028__oef--ClassAxis__custom--C000243815Member_zLQ0EbSCSva4" style="text-align: right">0.95</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dp_z4ooo9tRi9re" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">0.95</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--DistributionAndService12b1FeesOverAssets_dp_zPgQXaODRUsa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_409_eoef--OtherExpensesOverAssets_dp_zkM9EzqtSjNf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.11</td><td style="text-align: left">%</td></tr> <tr id="xdx_407_ecustom--RecoupmentOfPreviouslyWaivedExpenses_dpn_zXoqf5KE7Bo6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Recoupment of previously waived expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.13</td><td style="text-align: left">%</td></tr> <tr id="xdx_409_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zcUbxceDpYf8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_iT_dp_zWtqJp1A5hP7" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; text-align: left">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.22</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--FeeWaiverOrReimbursementOverAssets_dp_zJAZ3xfnol59" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">Fee Waiver/Reimbursements/Fees Paid Indirectly (4), (5)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-0.24</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40F_eoef--NetExpensesOverAssets_iT_dp_zk2tyskWW4e2" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; text-align: left">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4), (5)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">0.98</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are based on actual amounts incurred during the Fund’s fiscal period ended June 30, 2026.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s fiscal year ending June 30, 2027.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 0.95%. This agreement is effective until December 31, 2027 and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_F09_zylzXNzy57Qb" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(5)</td> <td id="xdx_F17_zxZytIaRfcoi" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The Funds’ have a fee arrangement with its custodian which provides for custody fees to be reduced by Create/Redeem credits received by the custodian from Authorized Participants.</td></tr> </table> 0.0095 0.0000 0.0011 0.0013 0.0003 0.0122 -0.0024 0.0098 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8A_eoef--ExpenseExampleWithRedemptionTableTextBlock_zhC92qEP8dv8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_z6Px19uZdgr9" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 85%; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">5 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">10 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_985_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000243815Member_zWMVoIFgWKlg" style="width: 22%; text-align: right">100</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000243815Member_zHVLuiC5jqdk" style="width: 22%; text-align: right">363</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_989_eoef--ExpenseExampleYear05_c20261028__20261028__oef--ClassAxis__custom--C000243815Member_zKzthj92mK29" style="width: 21%; text-align: right">647</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98D_eoef--ExpenseExampleYear10_c20261028__20261028__oef--ClassAxis__custom--C000243815Member_zFkpA27Fapr" style="width: 21%; text-align: right">1,455</td><td style="width: 1%; text-align: left"> </td></tr> </table> 100 363 647 1455 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio, since the Fund invested only in instruments that are excluded from portfolio turnover rate calculations. However, if the Fund’s use of derivatives were reflected, the Fund’s portfolio turnover rate would be higher. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2x the inverse (-200%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately -200% of the Fund’s net asset value. The Fund aims to generate the inverse daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money put option contracts, or simultaneously buy an at-the-money put option contract and sell an at-the-money call option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each put option contract bought and receive the premium for each call option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the put and sells the call option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the inverse performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the automotive industry. Tesla, Inc. designs, manufactures and sells electric vehicles and electric vehicle powertrain components. TSLA is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Tesla, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-34756 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Tesla, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance decreases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Tesla, Inc. The common stock of Tesla, Inc. (TSLA) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Tesla, Inc. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Tesla, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to risks of the automotive sector. The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock objectives may be affected by Tesla Inc’s ability to develop and launch new products, the growth of its sales and delivery capabilities, part supplier constraints or delays, consumer demand for electric vehicles and competition from existing and competitors. Governmental policies affecting the automotive industry, such as taxes, tariffs, duties, subsidies, and import and export restrictions on automotive products can influence industry profitability. In addition, such companies must comply with environmental laws and regulations, for which there may be severe consequences for non-compliance. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zg44HrN0rRLk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the daily inverse returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate inverse daily returns. For a Fund aiming to replicate the inverse performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 17.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Inverse Fund would be expected to lose 95.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Inverse Fund can be expected to return less than -200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of the Underlying Stock. The Inverse Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td rowspan="3" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; border-left: black 1pt solid; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="3" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; text-align: center">-200% of One Year Performance of the Underlying Stock </td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td rowspan="2" style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap">10% </td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"> </td> <td rowspan="2" style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid">50% </td> <td rowspan="2" style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap">75% </td> <td rowspan="2" style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid">100% </td> <td rowspan="2" style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid">125% </td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap">25% </td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap">150% </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 47%; border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">-95%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 18%; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">190%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">36110.9%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">31935.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">18570.8%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">7461.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">2021.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">292.9%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-53.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-90%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">180%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">9182.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">7895.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">4554.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">1756.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">406.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-8.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-89.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">160%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">2261.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">1930.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">1074.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">367.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">23.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-78.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-70%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">140%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">962.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">810.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">421.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">108.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-45.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-90.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-99.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">120%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">500.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">415.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">196.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">15.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-69.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-94.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-99.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-50%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">100%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">286.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">230.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">89.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-25.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-80.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-96.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-99.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">80%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">168.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">130.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">31.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-48.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-97.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-99.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-30%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">60%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">98.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">69.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-3.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-62.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-90.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-98.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-99.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">40%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">51.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">29.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-26.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-71.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-98.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">20%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">2.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-41.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-77.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-99.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-2.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-17.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-52.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-81.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-95.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-99.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-31.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-61.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-84.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-96.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-99.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-32.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-42.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-67.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-87.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-96.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-99.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">30%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-42.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-51.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-72.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-89.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-97.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-99.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-50.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-57.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-76.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-90.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-97.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-99.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">50%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">-100%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-56.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-79.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-92.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-97.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">-120%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-62.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-67.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-81.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-93.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">70%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">-140%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-66.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-71.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-83.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-93.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-98.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">-160%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-70.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-74.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-85.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-94.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">90%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">-180%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-73.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-77.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-87.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-95.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-98.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">100%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">-200%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-74.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-78.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-87.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-95.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-98.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 60.73%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 75.92% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 8.50%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from -200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect -200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Short Sale Exposure Risk: The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock increases more than 50%. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsRiskMember_zbBggd3kDboh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zBH7hGuftt7f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zwW9GskZk4Bk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate -2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: The following performance information indicates some of the risks of investing in the Fund. The bar chart shows the Fund’s performance from year to year. The table illustrates how the Fund’s average annual returns for the 1-year and since inception periods compared with those of a broad measure of market performance. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_90D_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000081144Member_zMz1F8uqHkP8">The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Updated performance information is also available on the Fund’s website at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_907_eoef--PerformanceAvailabilityWebSiteAddress_c20261028__20261028__dei--LegalEntityAxis__custom--S000081144Member_znwkQNNmsjL3">www.graniteshares.com or by calling the Fund toll free at 844-476-8747. <img alt="" src="pg912-1018_003.jpg"/> During the periods shown in the bar chart above, the Fund’s highest quarterly return was <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_90C_eoef--BarChartHighestQuarterlyReturn_pid_dp_uRatio_c20261028__20261028__dei--LegalEntityAxis__custom--S000081144Member_zI9f9gZKLfed">71.46% (quarter ended March 31, 2025) and the Fund’s lowest quarterly return was <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_90F_eoef--BarChartLowestQuarterlyReturn_pid_dp_uRatio_c20261028__20261028__dei--LegalEntityAxis__custom--S000081144Member_zrz80JbXJAYj">-74.43% (quarter ended December 31, 2024). The calendar year-to-date total return of the Fund as of September 30, 2026, was <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_90F_eoef--BarChartYearToDateReturn_pid_dp_uRatio_c20261028__20261028__dei--LegalEntityAxis__custom--S000081144Member_zG075WuPMs6g">5.18%. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. www.graniteshares.com 844-476-8747 highest quarterly return 0.7146 2025-03-31 lowest quarterly return -0.7443 2024-12-31 year-to-date total return 2026-09-30 0.0518 Average Annual Total Returns for the Periods Ended December 31, 2025 <div id="xdx_A8B_eoef--PerformanceTableTextBlock_zIxJhioGs8Ig"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zzeLxKwtgn8f" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Since Inception (8/21/2023)</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left; padding-bottom: 1pt">Return Before Taxes</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td id="xdx_988_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20250701__20260630__dei--LegalEntityAxis__custom--S000081144Member_zKXc4zCsvdcd" style="border-bottom: Black 1pt solid; width: 16%; text-align: right">-75.00</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">%</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td id="xdx_985_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20230821__20230821__dei--LegalEntityAxis__custom--S000081144Member_z3VNHldkOrjc" style="border-bottom: Black 1pt solid; width: 16%; text-align: right">-80.40</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Return After Taxes on Distributions</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_984_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20250701__20260630__dei--LegalEntityAxis__custom--S000081144Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zXbUjbdkgUtb" style="border-bottom: Black 1pt solid; text-align: right">-75.83</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_982_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20230821__20230821__dei--LegalEntityAxis__custom--S000081144Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zwPBqwzevseh" style="border-bottom: Black 1pt solid; text-align: right">-81.40</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; text-align: left; padding-bottom: 1pt">Return After Taxes on Distributions and Sale of Fund Shares</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20250701__20260630__dei--LegalEntityAxis__custom--S000081144Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zrBR8dRaPqJ8" style="border-bottom: Black 1pt solid; text-align: right">-44.42</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20230821__20230821__dei--LegalEntityAxis__custom--S000081144Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zWJsaRHvIup2" style="border-bottom: Black 1pt solid; text-align: right">-42.17</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">S&P 500 (no fees and expenses, or taxes applied)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98F_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20250701__20260630__dei--LegalEntityAxis__custom--S000081144Member__oef--PerformanceMeasureAxis__custom--SAndP500Member_zhLpla8aXYPb" style="border-bottom: Black 1pt solid; text-align: right">17.88</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_982_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20230821__20230821__dei--LegalEntityAxis__custom--S000081144Member__oef--PerformanceMeasureAxis__custom--SAndP500Member_zBhM62aZ9KW9" style="border-bottom: Black 1pt solid; text-align: right">22.25</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> </table> 2023-08-21 -0.7500 -0.8040 -0.7583 -0.8140 -0.4442 -0.4217 0.1788 0.2225 Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the ADR of Taiwan Semiconductor Manufacturing Co Ltd (NYSE: TSM). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A80_eoef--AnnualFundOperatingExpensesTableTextBlock_zGzO27tKJ1kb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_z4rorj2lnxX8" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_492_20261028__20261028__oef--ClassAxis__custom--C000254493Member_zPE8xkGa0eu8" style="text-align: right">1.30</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dp_zFw33rr565ki" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--DistributionAndService12b1FeesOverAssets_dp_zlq3oDKIgirc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_409_eoef--OtherExpensesOverAssets_dp_zIIdKDIa3wig" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.17</td><td style="text-align: left">%</td></tr> <tr id="xdx_40D_ecustom--RecoupmentOfPreviouslyWaivedExpenses_dpn_zmJ22wCR83gc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Recoupment of previously waived expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.08</td><td style="text-align: left">%</td></tr> <tr id="xdx_409_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zhm6zNO1ugad" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_iT_dp_zIVyi0O2Eqya" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.58</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--FeeWaiverOrReimbursementOverAssets_dp_zkGdR7EXtqK7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements/Fees Paid Indirectly (4), (5)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-0.05</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40F_eoef--NetExpensesOverAssets_iT_dp_z8So12G7NI17" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4), (5)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.53</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are based on actual amounts incurred during the Fund’s fiscal period ended June 30, 2026.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s fiscal year ending June 30, 2027.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_F01_zVMlJDNlxHEf" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(5)</td> <td id="xdx_F1A_zlGRYJMlAQ2g" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The Funds’ have a fee arrangement with its custodian which provides for custody fees to be reduced by Create/Redeem credits received by the custodian from Authorized Participants.</td></tr> </table> 0.0130 0.0000 0.0017 0.0008 0.0003 0.0158 -0.0005 0.0153 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8E_eoef--ExpenseExampleWithRedemptionTableTextBlock_zljhx2bHlEi7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zY3xjoCMpa8l" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 85%; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">5 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">10 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000254493Member_z49uICsBasid" style="width: 22%; text-align: right">156</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_981_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000254493Member_zTDcYoyvd9dg" style="width: 22%; text-align: right">494</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_985_eoef--ExpenseExampleYear05_c20261028__20261028__oef--ClassAxis__custom--C000254493Member_zRfOPbYNsJkf" style="width: 21%; text-align: right">855</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_981_eoef--ExpenseExampleYear10_c20261028__20261028__oef--ClassAxis__custom--C000254493Member_zU0UPIdDy78k" style="width: 21%; text-align: right">1,872</td><td style="width: 1%; text-align: left"> </td></tr> </table> 156 494 855 1872 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio, since the Fund invested only in instruments that are excluded from portfolio turnover rate calculations. However, if the Fund’s use of derivatives were reflected, the Fund’s portfolio turnover rate would be higher. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2 times (200%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock in a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the daily performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the semiconductor industry. Taiwan Semiconductor Manufacturing Co Ltd is a Taiwan-based company mainly engaged in the provision of integrated circuit manufacturing services. TSM is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Taiwan Semiconductor Manufacturing Co Ltd pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-14700 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Taiwan Semiconductor Manufacturing Co Ltd may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and does not relate to the shares of or other securities of Taiwan Semiconductor Manufacturing Co Ltd. (TSM). The Fund has derived all disclosures contained in this document regarding TSM from the publicly available documents. The Fund references the Underlying Stock which is an ADR. ADRs provide U.S. investors access to foreign stocks on domestic exchanges but can exhibit pricing differences compared to the underlying foreign stocks. These differences stem from factors such as currency fluctuations, market dynamics, liquidity variances, and tax implications. Additionally, corporate actions and ADR fees and expenses can contribute to disparities in pricing between ADRs and the foreign stocks they represent. TSM is registered as a foreign private issuer under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC related to TSM pursuant to the Exchange Act can be located by reference to the SEC file number 001-14700 through the SEC’s website at www.sec.gov. In addition, information regarding TSM may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the semiconductor industry. The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by global markets and demand for its products and services, its ability to develop new products and services, inventory levels, supply chain issues, the performance of third-party software developers, system and network failures, privacy and cybersecurity breaches and changes in international and government regulations. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology industry may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zELz5o8783ph" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the daily leverage returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate daily leverage returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Inverse Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Inverse Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid"> 10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">25%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">50%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">75%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">100%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">125%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 38%; border-left: black 1pt solid; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 20%; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-180%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-160%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-140%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-120%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-50%</td> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-100%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 38.99%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 47.55% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 30.17%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zq4IztGnkeYb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zIoZrEjddMAl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Taiwan Investing Risk: Securities of issuers in Taiwan are subject to risks, including, but not limited to, legal, regulatory, political, currency and economic risks that are specific to Taiwan. Specifically, Taiwan’s geographic proximity and history of political contention with China have resulted in ongoing tensions between the two countries, which may materially affect the Taiwanese companies. Securities of Taiwanese companies are subject to Taiwan’s heavy dependence on exports. Reductions in spending on Taiwanese products and services, labor shortages, institution of tariffs or other trade barriers, or a downturn in any of the economies of Taiwan’s key trading partners, including the United States, may have an adverse impact on the Taiwanese economy and the values of Taiwanese companies. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” and “Leverage Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: The following performance information indicates some of the risks of investing in the Fund. The bar chart shows the Fund’s performance from year to year. The table illustrates how the Fund’s average annual returns for the 1-year and since inception periods compared with those of a broad measure of market performance. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_905_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000088295Member_zVBGVmPc5Zzf">The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Updated performance information is also available on the Fund’s website at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_903_eoef--PerformanceAvailabilityWebSiteAddress_c20261028__20261028__dei--LegalEntityAxis__custom--S000088295Member_zt126DJdpeV8">www.graniteshares.com or by calling the Fund toll free at 844-476-8747. <img alt="" src="pg912-1018_004.jpg"/> During the periods shown in the bar chart above, the Fund’s highest quarterly return was <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_90C_eoef--BarChartHighestQuarterlyReturn_pid_dp_uRatio_c20261028__20261028__dei--LegalEntityAxis__custom--S000088295Member_zMnJC3z8T4L9">71.46% (quarter ended June 30, 2025) and the Fund’s lowest quarterly return was <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_904_eoef--BarChartLowestQuarterlyReturn_pid_dp_uRatio_c20261028__20261028__dei--LegalEntityAxis__custom--S000088295Member_zCWTup733zha">-35.73% (quarter ended March 31, 2025). The calendar year-to-date total return of the Fund as of September 30, 2026, was <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_90D_eoef--BarChartYearToDateReturn_pid_dp_uRatio_c20261028__20261028__dei--LegalEntityAxis__custom--S000088295Member_zI9zl7brzdcj">78.43%. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. www.graniteshares.com 844-476-8747 highest quarterly return 0.7146 2025-06-30 lowest quarterly return -0.3573 2025-03-31 year-to-date total return 2026-09-30 0.7843 Average Annual Total Returns for the Periods Ended December 31, 2025 <div id="xdx_A85_eoef--PerformanceTableTextBlock_z0izozCRtV5g"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zlqj1egpSB1a" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Since Inception (11/11/2024)</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left; padding-bottom: 1pt">Return Before Taxes</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td id="xdx_981_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20250701__20260630__dei--LegalEntityAxis__custom--S000088295Member_zp4awKFopgdl" style="border-bottom: Black 1pt solid; width: 16%; text-align: right">75.14</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">%</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td id="xdx_98D_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20241111__20241111__dei--LegalEntityAxis__custom--S000088295Member_zF83N1rhGYj5" style="border-bottom: Black 1pt solid; width: 16%; text-align: right">63.82</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Return After Taxes on Distributions</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_985_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20250701__20260630__dei--LegalEntityAxis__custom--S000088295Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zjlsRBm9y8sj" style="border-bottom: Black 1pt solid; text-align: right">75.14</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_983_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20241111__20241111__dei--LegalEntityAxis__custom--S000088295Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zzUADQThBGz3" style="border-bottom: Black 1pt solid; text-align: right">63.82</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; text-align: left; padding-bottom: 1pt">Return After Taxes on Distributions and Sale of Fund Shares</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20250701__20260630__dei--LegalEntityAxis__custom--S000088295Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zqHy7f7RuiP3" style="border-bottom: Black 1pt solid; text-align: right">44.48</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20241111__20241111__dei--LegalEntityAxis__custom--S000088295Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z9T7oHZYIeY4" style="border-bottom: Black 1pt solid; text-align: right">49.00</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">S&P 500 (no fees and expenses, or taxes applied)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_986_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20250701__20260630__dei--LegalEntityAxis__custom--S000088295Member__oef--PerformanceMeasureAxis__custom--SAndP500Member_zXAJmLmgTKt3" style="border-bottom: Black 1pt solid; text-align: right">17.88</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20241111__20241111__dei--LegalEntityAxis__custom--S000088295Member__oef--PerformanceMeasureAxis__custom--SAndP500Member_zttKbQ2kDjr8" style="border-bottom: Black 1pt solid; text-align: right">13.75</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> </table> 2024-11-11 0.7514 0.6382 0.7514 0.6382 0.4448 0.4900 0.1788 0.1375 Investment Objective The Fund seeks daily investment results, before fees and expenses, of -2 times (-200%) the daily percentage change of the ADR of Taiwan Semiconductor Manufacturing Co Ltd (NYSE: TSM). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A8C_eoef--AnnualFundOperatingExpensesTableTextBlock_zRZYrdTXACBj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zrRkiW5WQuHf" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_494_20261028__20261028__oef--ClassAxis__custom--C000254509Member_zGM2s0Arp1R1" style="text-align: right">1.30</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: left; font-weight: bold">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_406_eoef--ManagementFeesOverAssets_dp_zoHz4zVYV3mh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dp_z9l5n3LSzcN6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_40F_eoef--OtherExpensesOverAssets_dp_zJoJl7yb1sD4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.06</td><td style="text-align: left">%</td></tr> <tr id="xdx_403_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zsR2UTQ5Vig9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40D_eoef--ExpensesOverAssets_iT_dp_zSQ7j6Du5smf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_405_eoef--FeeWaiverOrReimbursementOverAssets_dp_zKEWXE8IoRdl" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements (4)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_404_eoef--NetExpensesOverAssets_iT_dp_zodLFOQlxr5c" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0130 0.0000 0.0006 0.0003 0.0139 0.0139 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A83_eoef--ExpenseExampleWithRedemptionTableTextBlock_z0avaJNP9nc7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zLnEtswaqTR1" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 60%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_983_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000254509Member_zXUlb4yvl9ee" style="width: 47%; text-align: right">145</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_983_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000254509Member_zHuxAYLWqiG2" style="width: 47%; text-align: right">474</td><td style="width: 1%; text-align: left"> </td></tr> </table> 145 474 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet been launched. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2x the inverse (-200%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately -200% of the Fund’s net asset value. The Fund aims to generate the inverse daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money put option contracts, or simultaneously buy an at-the-money put option contract and sell an at-the-money call option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each put option contract bought and receive the premium for each call option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the put and sells the call option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the inverse performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the semiconductor industry. Taiwan Semiconductor Manufacturing Co Ltd is a Taiwan-based company mainly engaged in the provision of integrated circuit manufacturing services. TSM is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Taiwan Semiconductor Manufacturing Co Ltd pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-14700 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Taiwan Semiconductor Manufacturing Co Ltd may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance decreases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and does not relate to the shares of or other securities of Taiwan Semiconductor Manufacturing Co Ltd. (TSM). The Fund has derived all disclosures contained in this document regarding TSM from the publicly available documents. The Fund references the Underlying Stock which is an ADR. ADRs provide U.S. investors access to foreign stocks on domestic exchanges but can exhibit pricing differences compared to the underlying foreign stocks. These differences stem from factors such as currency fluctuations, market dynamics, liquidity variances, and tax implications. Additionally, corporate actions and ADR fees and expenses can contribute to disparities in pricing between ADRs and the foreign stocks they represent. TSM is registered as a foreign private issuer under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC related to TSM pursuant to the Exchange Act can be located by reference to the SEC file number 001-14700 through the SEC’s website at www.sec.gov. In addition, information regarding TSM may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the semiconductor industry. The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by global markets and demand for its products and services, its ability to develop new products and services, inventory levels, supply chain issues, the performance of third-party software developers, system and network failures, privacy and cybersecurity breaches and changes in international and government regulations. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology industry may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the daily inverse returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate inverse daily returns. For a Fund aiming to replicate the inverse performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 17.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Inverse Fund would be expected to lose 95.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Inverse Fund can be expected to return less than -200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of the Underlying Stock. The Inverse Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">10%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">25%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">50%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">75%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">100%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">125%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 38%; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-95%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 20%; border-bottom: black 1pt solid; text-align: center">190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">36110.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">31935.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">18570.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">7461.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">2021.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">292.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-53.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-90%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">180%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">9182.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">7895.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">4554.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">1756.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">406.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-8.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-89.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">160%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">2261.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">1930.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">1074.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">367.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">23.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-78.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-70%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">140%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">962.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">810.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">421.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">108.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-45.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-90.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-99.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">120%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">500.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">415.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">196.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">15.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-69.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-94.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-99.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-50%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">100%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">286.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">230.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">89.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-25.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-80.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-96.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-99.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">80%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">168.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">130.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">31.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-48.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-97.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-99.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-30%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">60%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">98.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">69.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-3.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-62.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-90.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-98.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-99.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">40%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">51.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">29.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-26.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-71.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-98.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">20%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">2.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-41.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-77.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-99.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-2.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-17.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-52.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-81.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-95.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-99.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-31.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-61.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-84.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-96.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-99.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-32.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-42.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-67.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-87.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-96.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-99.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">30%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-42.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-51.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-72.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-89.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-97.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-99.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-50.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-57.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-76.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-90.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-97.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-99.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">50%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">-100%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-56.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-79.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-92.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-97.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">-120%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-62.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-67.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-81.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-93.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">70%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">-140%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-66.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-71.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-83.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-93.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-98.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">-160%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-70.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-74.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-85.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-94.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">90%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">-180%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-73.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-77.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-87.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-95.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-98.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">100%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">-200%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-74.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-78.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-87.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-95.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-98.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 38.99%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 47.55% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 30.17%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from -200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect -200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Short Sale Exposure Risk: The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock increases more than 50%. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Taiwan Investing Risk– Securities of issuers in Taiwan are subject to risks, including, but not limited to, legal, regulatory, political, currency and economic risks that are specific to Taiwan. Specifically, Taiwan’s geographic proximity and history of political contention with China have resulted in ongoing tensions between the two countries, which may materially affect the Taiwanese companies. Securities of Taiwanese companies are subject to Taiwan’s heavy dependence on exports. Reductions in spending on Taiwanese products and services, labor shortages, institution of tariffs or other trade barriers, or a downturn in any of the economies of Taiwan’s key trading partners, including the United States, may have an adverse impact on the Taiwanese economy and the values of Taiwanese companies. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate -2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_90E_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000088311Member_zuB9cblkN6j9">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Uber Technologies, Inc. (NYSE: UBER). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A87_eoef--AnnualFundOperatingExpensesTableTextBlock_zDRXUfFL9Cdf"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zVNFz0Xvb6Ae" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_490_20261028__20261028__oef--ClassAxis__custom--C000236097Member_zQntBWyPFJxb" style="text-align: right">0.99</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: left; font-weight: bold">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dp_z8PBbpTByv96" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">0.99</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--DistributionAndService12b1FeesOverAssets_dp_zbVWl2FveAc3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_409_eoef--OtherExpensesOverAssets_dp_zKWaF567XbWb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.20</td><td style="text-align: left">%</td></tr> <tr id="xdx_400_ecustom--RecoupmentOfPreviouslyWaivedExpenses_dpn_zPfawYgg5HJ1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Recoupment of previously waived expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.02</td><td style="text-align: left">%</td></tr> <tr id="xdx_409_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zMM7zBpkjBn" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_iT_dp_z1RLY1NUU7Of" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.24</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--FeeWaiverOrReimbursementOverAssets_dp_zA6EgtYluGnk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements/Fees Paid Indirectly (4), (5)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-0.06</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40F_eoef--NetExpensesOverAssets_iT_dp_zOc5wEqTFaJi" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4), (5)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.18</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are based on actual amounts incurred during the Fund’s fiscal period ended June 30, 2026.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.15%. This agreement is effective until December 31, 2027 and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_F0A_zEmMnsvejwB6" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(5)</td> <td id="xdx_F1B_zgLuGr0qxKP2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The Funds’ have a fee arrangement with its custodian which provides for custody fees to be reduced by Create/Redeem credits received by the custodian from Authorized Participants.</td></tr> </table> 0.0099 0.0000 0.0020 0.0002 0.0003 0.0124 -0.0006 0.0118 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8C_eoef--ExpenseExampleWithRedemptionTableTextBlock_zT9062foziPl"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zTtD0aJ2oyMe" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">5 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">10 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_981_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000236097Member_zR87WHCBe0m2" style="width: 22%; text-align: right">120</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000236097Member_zZ8ZLSAA58p3" style="width: 22%; text-align: right">387</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_985_eoef--ExpenseExampleYear05_c20261028__20261028__oef--ClassAxis__custom--C000236097Member_zkUKkVR4ORx6" style="width: 21%; text-align: right">675</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98D_eoef--ExpenseExampleYear10_c20261028__20261028__oef--ClassAxis__custom--C000236097Member_zoxbqeIQ85xd" style="width: 21%; text-align: right">1,493</td><td style="width: 1%; text-align: left"> </td></tr> </table> 120 387 675 1493 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2 times (200%) the daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sell the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the daily performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the business services industry. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Uber Technologies, Inc. The common stock of Uber Technologies, Inc. (UBER) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Uber Technologies, Inc. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Uber Technologies, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by company’s ability to attract and maintain a certain level of drivers and consumers, its success in investing in new technologies and services, the potential classification of its drivers as employees, changes in the conditions affecting major markets, cyberattacks, its ability to receive additional working capital, governmental regulation changes and risks of legal proceeding The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the leveraged daily returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">10%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">25%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">50%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">75%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">100%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">125%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 47%; border-left: black 1pt solid; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 18%; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-180%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-160%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-140%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; background-color: white; text-align: center">-120%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-50%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; background-color: white; text-align: center">-100%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 45.99%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 66.67% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 13.24%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--OnDemandBusinessAndTechnologyServicesCompanyRiskMember_z4DZknQvSwa1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On-Demand Business and Technology Services Company Risk: On-demand business and technology services are a relatively new and are subject to risks associated with a developing industry including limited product lines, markets, and financial resources as well as challenges to scalability of production. There is no guarantee that the products or services offered by companies in this business will be successful. Companies engaged in design, production or distribution of goods or services for the media industry may become quickly obsolete. They are subject to risks that include cyclicality of revenues and earnings, a decrease in the discretionary income of targeted individuals, changing consumer tastes and interests, intense competition, frequent new service introductions, loss or impairment of intellectual property rights, and the potential for increased government regulation. The business models employed by companies in the on-demand industry may not prove to be successful. These companies may also be susceptible to operational and information security risks including those associated with hardware or software failures, interruptions, or delays in service by third party vendors. Additionally, because on-demand companies typically collect and store sensitive consumer information, these companies are potential targets for cybersecurity attacks and other types of theft, and may face scrutiny from regulators considering how consumer data is stored, safeguarded, and used, which could have a negative impact on these companies. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions. The Fund may be required to deviate from its investment objective as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” and “Leverage Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: The following performance information indicates some of the risks of investing in the Fund. The bar chart shows the Fund’s performance from year to year. The table illustrates how the Fund’s average annual returns for the 1-year and since inception periods compared with those of a broad measure of market performance. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_90A_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000076351Member_zcpk6LJ6gXf8">The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Updated performance information is also available on the Fund’s website at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_90A_eoef--PerformanceAvailabilityWebSiteAddress_c20261028__20261028__dei--LegalEntityAxis__custom--S000076351Member_zQp1VcYESjd7">www.graniteshares.com or by calling the Fund toll free at 844-476-8747. <img alt="" src="form485bpos_pg1038.jpg"/> During the periods shown in the bar chart above, the Fund’s highest quarterly return was <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_908_eoef--BarChartHighestQuarterlyReturn_pid_dp_uRatio_c20261028__20261028__dei--LegalEntityAxis__custom--S000076351Member_zdvZqRayEcZk">51.59% (quarter ended June 30, 2025) and the Fund’s lowest quarterly return was <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_908_eoef--BarChartLowestQuarterlyReturn_pid_dp_uRatio_c20261028__20261028__dei--LegalEntityAxis__custom--S000076351Member_zPlmZsxOrQlk">-33.62% (quarter ended December 31, 2025). The calendar year-to-date total return of the Fund as of September 30, 2026, was <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_902_eoef--BarChartYearToDateReturn_pid_dp_uRatio_c20261028__20261028__dei--LegalEntityAxis__custom--S000076351Member_zGCHJa4BvYod">-39.64%. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. www.graniteshares.com 844-476-8747 highest quarterly return 0.5159 2025-06-30 lowest quarterly return -0.3362 2025-12-31 year-to-date total return 2026-09-30 -0.3964 Average Annual Total Returns for the Periods Ended December 31, 2025 <div id="xdx_A8B_eoef--PerformanceTableTextBlock_zz5Ub3Cve8di"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zndb8np0xhud" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Since Inception (9/3/2024)</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left; padding-bottom: 1pt">Return Before Taxes</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td id="xdx_986_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20250701__20260630__dei--LegalEntityAxis__custom--S000076351Member_z4GJkcGjfeTb" style="border-bottom: Black 1pt solid; width: 16%; text-align: right">46.29</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">%</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td id="xdx_988_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20240903__20240903__dei--LegalEntityAxis__custom--S000076351Member_z4NEiNbBLDPb" style="border-bottom: Black 1pt solid; width: 16%; text-align: right">-4.66</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Return After Taxes on Distributions</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98D_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20250701__20260630__dei--LegalEntityAxis__custom--S000076351Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zV45m1783KAb" style="border-bottom: Black 1pt solid; text-align: right">40.63</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98D_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20240903__20240903__dei--LegalEntityAxis__custom--S000076351Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z8ij9xJURlIh" style="border-bottom: Black 1pt solid; text-align: right">-7.46</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; text-align: left; padding-bottom: 1pt">Return After Taxes on Distributions and Sale of Fund Shares</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_987_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20250701__20260630__dei--LegalEntityAxis__custom--S000076351Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z81mPGj8hyil" style="border-bottom: Black 1pt solid; text-align: right">27.39</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20240903__20240903__dei--LegalEntityAxis__custom--S000076351Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zpRxQAdLHKu5" style="border-bottom: Black 1pt solid; text-align: right">-4.71</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">S&P 500 (no fees and expenses, or taxes applied)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20250701__20260630__dei--LegalEntityAxis__custom--S000076351Member__oef--PerformanceMeasureAxis__custom--SAndP500Member_zXQ6AFhMfGvj" style="border-bottom: Black 1pt solid; text-align: right">17.88</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98D_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20240903__20240903__dei--LegalEntityAxis__custom--S000076351Member__oef--PerformanceMeasureAxis__custom--SAndP500Member_zQnDDcTlukie" style="border-bottom: Black 1pt solid; text-align: right">19.00</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> </table> 2024-09-03 0.4629 -0.0466 0.4063 -0.0746 0.2739 -0.0471 0.1788 0.1900 Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of UnitedHealth Group Incorporated (NYSE: UNH). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A80_eoef--AnnualFundOperatingExpensesTableTextBlock_z1rXMk9U6Qok"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zcvMx7YEbs04" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_49E_20261028__20261028__oef--ClassAxis__custom--C000262883Member_zpHiIXshHmJk" style="text-align: right">1.30</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: left; font-weight: bold">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_zxGU5wmRtOV9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_404_eoef--DistributionAndService12b1FeesOverAssets_dp_zzE47kBbMRb2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_408_eoef--OtherExpensesOverAssets_dp_zUxooZlX0G3g" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.06</td><td style="text-align: left">%</td></tr> <tr id="xdx_404_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zZZaooILqlA1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_405_eoef--ExpensesOverAssets_iT_dp_zEryjkDfsXE3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_400_eoef--FeeWaiverOrReimbursementOverAssets_dp_zcd8ajiNZF01" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements (4)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--NetExpensesOverAssets_iT_dp_zAc9iNqoSXw2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0130 0.0000 0.0006 0.0003 0.0139 0.0139 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8D_eoef--ExpenseExampleWithRedemptionTableTextBlock_zgIbdLO8pnma"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_z6hypLjHKYdg" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 60%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000262883Member_zr0DfGIcrtOl" style="width: 47%; text-align: right">145</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98D_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000262883Member_zeEWmVZ6XTU3" style="width: 47%; text-align: right">474</td><td style="width: 1%; text-align: left"> </td></tr> </table> 145 474 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet been launched. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2 times (200%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock in a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 30% and 45% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transaction, which is a transaction under which the purchaser (i.e., the Fund) acquires a security and the seller agrees, at the time of the sale, to repurchase the security at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) equity or fixed income securities for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the daily performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the health care industry. UnitedHealth Group Incorporated is a healthcare company. It operates two businesses, Optum and UnitedHealthcare. Optum serves the healthcare marketplace. UnitedHealthcare offers a full range of health benefits. UnitedHealth Group Incorporated is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by UnitedHealth Group Incorporated pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-286317 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding UnitedHealth Group Incorporated may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Starbucks Corporation The common stock of Starbucks Corporation is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Starbucks Corporation pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Starbucks Corporation may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the health care industry. The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to extensive government regulation and its profitability can be significantly affected by restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure (including price discounting), limited product lines and an increased emphasis on the delivery of healthcare through outpatient services. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the daily leverage returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate daily leverage returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid"> 10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">25%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">50%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">75%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">100%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">125%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 45%; border-left: black 1pt solid; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 20%; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-180%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-160%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-140%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-120%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-50%</td> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-100%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 32.61%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 52.72% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 0.37%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to the Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of the Underlying Stock. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” and “Leverage Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_900_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000094381Member_zIZI2lr7arIc">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Vertiv Holdings Co. (NYSE: VRT). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A85_eoef--AnnualFundOperatingExpensesTableTextBlock_zw7C2lI5VBJc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zcYOX3XEw1k3" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_492_20261028__20261028__oef--ClassAxis__custom--C000258298Member_zhvs4Zwj387e" style="text-align: right">1.30</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: left; font-weight: bold">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_z8UVVA6xHVKj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_zdWxpXR3wnG4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp_zw88loD94Ow" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.93</td><td style="text-align: left">%</td></tr> <tr id="xdx_403_ecustom--RecoupmentOfPreviouslyWaivedExpenses_dpn_zjj4ySAB2Zwg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Recoupment of previously waived expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.06</td><td style="text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zySXRCQynlH1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_iT_dp_z2WdwT1nUcj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2.32</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dp_ze1bHtqyAs1c" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements/Fees Paid Indirectly (4), (5)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-0.04</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_iT_dp_z11yod8S4ED6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4), (5)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2.28</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are based on actual amounts incurred during the Fund’s fiscal period ended June 30, 2026 which includes Interest Expense of 0.78% related to margin posted by the swap counterparties.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_F01_zWs8XDJRebw" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(5)</td> <td id="xdx_F11_zvJJtW00C4O1" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The Funds’ have a fee arrangement with its custodian which provides for custody fees to be reduced by Create/Redeem credits received by the custodian from Authorized Participants.</td></tr> </table> 0.0130 0.0000 0.0093 0.0006 0.0003 0.0232 -0.0004 0.0228 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A87_eoef--ExpenseExampleWithRedemptionTableTextBlock_z7PXNNefE7Q3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zEPDrSmhTifd" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">5 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">10 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000258298Member_zMbrWROfXyya" style="width: 22%; text-align: right">231</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000258298Member_zPSYmHIbhcrc" style="width: 22%; text-align: right">720</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_eoef--ExpenseExampleYear05_c20261028__20261028__oef--ClassAxis__custom--C000258298Member_zt9BDNoO2qw8" style="width: 21%; text-align: right">1,236</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_986_eoef--ExpenseExampleYear10_c20261028__20261028__oef--ClassAxis__custom--C000258298Member_zTJdoPSU5Pbk" style="width: 21%; text-align: right">2,649</td><td style="width: 1%; text-align: left"> </td></tr> </table> 231 720 1236 2649 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio, since the Fund invested only in instruments that are excluded from portfolio turnover rate calculations. However, if the Fund’s use of derivatives were reflected, the Fund’s portfolio turnover rate would be higher. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2 times (200%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock in a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the daily performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the industrial machinery industry. Vertiv Holdings Co. offers digital infrastructure technologies and deployable customized solutions to meet the specific business requirements and needs of a diverse group of customers. Vertiv Holdings Co. is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Vertiv Holdings Co. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-261268 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Vertiv Holdings Co. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Vertiv Holdings Co. The common stock of Vertiv Holdings Co. is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Vertiv Holdings Co. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Vertiv Holdings Co. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the industrial machinery industry. Availability and prices of raw materials, components, products and services from third-party suppliers, and such suppliers’ ability to timely deliver the quantities and quality required at reasonable prices could have a material adverse effect on our company, its prospects and financial performance. Worldwide economic conditions could have an effect on the demand for our company’s services and products and could result in declining revenue and earnings. General economic declines or a softening of the economy make it more likely that our company may experience difficulties collecting accounts receivable, sales and demand for our company’s products may decrease, and our company’s operating results may be adversely affected. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the daily leverage returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate daily leverage returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid"> 10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">25%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">50%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">75%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">100%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">125%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 45%; border-left: black 1pt solid; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 20%; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-180%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-160%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-140%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-120%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-50%</td> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-100%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 64.81%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 77.62% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 55.75%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” and “Leverage Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_901_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000090909Member_zS5Tf3pxZ4Sb">The Fund has not yet completed a full calendar year as of the date of this prospectus and therefore does not have a performance history for a full calendar year. Once available, the Fund’s performance information will be accessible on the Fund’s website at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_900_eoef--PerformanceAvailabilityWebSiteAddress_c20261028__20261028__dei--LegalEntityAxis__custom--S000090909Member_zLx4JehHopxa">www.graniteshares.com and will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance and by showing how the Fund’s returns compare with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The Fund has not yet completed a full calendar year as of the date of this prospectus and therefore does not have a performance history for a full calendar year. www.graniteshares.com Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Walmart Inc. (NYSE: WMT). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A86_eoef--AnnualFundOperatingExpensesTableTextBlock_zVZshCTxIMq9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zUEW7sVmgMu4" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_493_20261028__20261028__oef--ClassAxis__custom--C000262884Member_zuNLrW2vBaeb" style="text-align: right">1.30</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: left; font-weight: bold">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_zYws4KQ9YPZk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_znDNn2cZUNoj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp_zwFzCq9tbF43" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.06</td><td style="text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zy3kdyR1tiT6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_iT_dp_zbkaQO9kAAH2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dp_zV9n1dPyvdVf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements (4)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_iT_dp_zWQX6VhggU6g" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0130 0.0000 0.0006 0.0003 0.0139 0.0139 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A83_eoef--ExpenseExampleWithRedemptionTableTextBlock_zdQiGNSZNz72"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_z82vDtmSsG8j" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 60%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000262884Member_zXrNSWAFlup1" style="width: 47%; text-align: right">145</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000262884Member_zRbLUoXxMlCd" style="width: 47%; text-align: right">474</td><td style="width: 1%; text-align: left"> </td></tr> </table> 145 474 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet been launched. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2 times (200%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock in a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 30% and 45% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transaction, which is a transaction under which the purchaser (i.e., the Fund) acquires a security and the seller agrees, at the time of the sale, to repurchase the security at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) equity or fixed income securities for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the daily performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the consumer staples industry. Walmart Inc. is a technology-powered omnichannel retailer. Walmart Inc. is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Walmart Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-275878 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Walmart Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Walmart Inc. The common stock of Walmart Inc. is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Walmart Inc. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Walmart Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the consumer staples industry. The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to government regulation affecting its products which may negatively impact such the company’ performance. For instance, government regulations may affect the permissibility of using various food additives and production methods of companies that make food products, which could affect company profitability. Tobacco companies may be adversely affected by the adoption of proposed legislation and/or by litigation. Also, the success of food, beverage, household and personal product companies may be strongly affected by consumer interest, marketing campaigns and other factors affecting supply and demand, including performance of the overall domestic and global economy, interest rates, competition and consumer confidence and spending. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the daily leverage returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate daily leverage returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid"> 10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">25%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">50%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">75%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">100%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">125%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 45%; border-left: black 1pt solid; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 20%; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-180%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-160%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-140%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-120%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-50%</td> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-100%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 22.75%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 27.65% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 17.78%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” and “Leverage Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_908_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000094382Member_zyApiI1Doza">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Exxon Mobil Corp (NYSE: XOM). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A80_eoef--AnnualFundOperatingExpensesTableTextBlock_zMCEDRlXIzY5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zlcIG1cBaew" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_495_20261028__20261028__oef--ClassAxis__custom--C000243837Member_zr2llDzCcDtj" style="text-align: right">0.99</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: left; font-weight: bold">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_zALQQIAhOxHi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">0.99</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_zPhmptIdQxPg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp_zxB32RdVR7vf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.06</td><td style="text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zIioM42s2Of2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_iT_dp_zpOwyAujUW6g" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.08</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dp_zLJskqfGnnIh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements (4)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_iT_dp_zPTWNqdOr22i" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.08</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.15%. This agreement is effective until December 31, 2027 and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0099 0.0000 0.0006 0.0003 0.0108 0.0108 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_zlvJF85PXaI2"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zc5HY0Dkymm5" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 60%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000243837Member_zeeKpww1M5m8" style="width: 47%; text-align: right">113</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98A_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000243837Member_zbcvXMCoMvUh" style="width: 47%; text-align: right">370</td><td style="width: 1%; text-align: left"> </td></tr> </table> 113 370 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet been launched. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2 times (200%) the daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the daily performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the energy industry. Exxon Mobil Corporation is engaged in the energy business. Its principal business involves the exploration for, and production of, crude oil and natural gas, and the manufacture, trade, transport and sale of crude oil, natural gas, petroleum products, petrochemicals, and a range of specialty products. XOM is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by XOM pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-02256 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding XOM Corporation may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Exxon Mobil Corporation. The common stock of Exxon Mobil Corporation (XOM) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Exxon Mobil Corporation pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Exxon Mobil Corporation may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the energy sector. The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock’s operations and earnings may be significantly affected by changes in oil, gas, and petrochemical prices and by changes in margins on refined products. The underlying Stock’s ability to maintain and grow oil and gas production and its derivative products rely on its management to operate effectively and safely complex operational processes. The Underlying Stock performance can be adversely affected by political or regulatory developments. Government actions intended to reduce greenhouse gas emissions could negatively affect the Underlying Stock’s performances, make its hydrocarbon-based products more expensive or less competitive, lengthen project implementation times, and reduce demand for hydrocarbons, as well as shift hydrocarbon demand toward relatively lower-carbon alternatives. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the leveraged daily returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"> 10%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">25%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">50%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">75%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">100%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">125%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 47%; border-left: black 1pt solid; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 18%; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-180%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-160%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-140%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; background-color: white; text-align: center">-120%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-50%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; background-color: white; text-align: center">-100%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 27.07%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 35.83% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 28.96%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsRiskMember_zm9bO3H8hymk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions. The Fund may be required to deviate from its investment objective as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” and “Leverage Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_909_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000081166Member_z2t32EKc8Pi6">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective The Fund seeks daily investment results, before fees and expenses, of -1 time (-100%) the daily percentage change of the common stock of Exxon Mobil Corp (NYSE: XOM). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A82_eoef--AnnualFundOperatingExpensesTableTextBlock_zHowjZieWe72"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zc5AepHKPeC5" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_490_20261028__20261028__oef--ClassAxis__custom--C000243832Member_znS4arMeN2j9" style="text-align: right">0.99</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: left; font-weight: bold">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_zOHTBiA9APNe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">0.99</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_zCrIIVtBEJI4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp_zAJoQBBJpiR2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.06</td><td style="text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zGu33QTtp2fg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_iT_dp_zuutCzXCPuCc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.08</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dp_zyaEmMS5S7Eg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements (4)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_iT_dp_zMflCPsqD33j" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.08</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.15%. This agreement is effective until December 31, 2027 and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0099 0.0000 0.0006 0.0003 0.0108 0.0108 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8B_eoef--ExpenseExampleWithRedemptionTableTextBlock_zlqgIQlk5HT6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zlMr1KAG9N1l" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 60%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_98D_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000243832Member_zfypx7kc3x25" style="width: 47%; text-align: right">113</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_981_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000243832Member_zZikoskN6Zcc" style="width: 47%; text-align: right">370</td><td style="width: 1%; text-align: left"> </td></tr> </table> 113 370 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet launched. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate the inverse (-100%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately -100% of the Fund’s net asset value. The Fund aims to generate the inverse daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money put option contracts, or simultaneously buy an at-the-money put option contract and sell an at-the-money call option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each put option contract bought and receive the premium for each call option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the put and sells the call option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have the inverse performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the energy industry. Exxon Mobil Corporation is engaged in the energy business. Its principal business involves the exploration for, and production of, crude oil and natural gas, and the manufacture, trade, transport and sale of crude oil, natural gas, petroleum products, petrochemicals, and a range of specialty products. XOM is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by XOM pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-02256 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding XOM Corporation may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance decreases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Exxon Mobil Corporation. The common stock of Exxon Mobil Corporation (XOM) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Exxon Mobil Corporation pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Exxon Mobil Corporation may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the energy sector. The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock’s operations and earnings may be significantly affected by changes in oil, gas, and petrochemical prices and by changes in margins on refined products. The underlying Stock’s ability to maintain and grow oil and gas production and its derivative products rely on its management to operate effectively and safely complex operational processes. The Underlying Stock performance can be adversely affected by political or regulatory developments. Government actions intended to reduce greenhouse gas emissions could negatively affect the Underlying Stock’s performances, make its hydrocarbon-based products more expensive or less competitive, lengthen project implementation times, and reduce demand for hydrocarbons, as well as shift hydrocarbon demand toward relatively lower-carbon alternatives. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the daily inverse returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate inverse daily returns. For a Fund aiming to replicate the inverse performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Inverse Fund would be expected to lose 63.5% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Inverse Fund can be expected to return less than -100% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -100% of the performance of the Underlying Stock. The Inverse Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; text-align: center">-100% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">10%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">25%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">50%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">75%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">100%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">125%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 47%; border-left: black 1pt solid; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 18%; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">1841.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">1773.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">1468.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center">1065.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">656.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">336.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">119.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">90%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">875.7%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">829.7%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">670.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">470.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">270.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">112.7%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #DA8E86; text-align: center">7.2%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">80%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">391.1%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">366.3%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">288.0%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">185.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">84.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">5.4%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #DA8E86; text-align: center">-47.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">70%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">228.5%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">211.9%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">159.3%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">90.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">23.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-30.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #DA8E86; text-align: center">-65.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; background-color: white; text-align: center">60%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">146.9%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">134.3%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">94.8%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #DA8E86; text-align: center">42.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-7.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-47.4%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #DA8E86; text-align: center">-74.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center">-50%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; background-color: white; text-align: center">50%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">97.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">87.6%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">55.9%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">14.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-26.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-58.2%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-79.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">65.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">56.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">30.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-5.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-65.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-82.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">41.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">34.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">11.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-18.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-47.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-70.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">23.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">17.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-2.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-28.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-53.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-74.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-87.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">10.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">4.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-13.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-36.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-59.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-77.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-88.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-43.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-63.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-79.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-90.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-10.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-14.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-29.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-48.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-66.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-81.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-90.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-17.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-21.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-35.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-52.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-69.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-82.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-91.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-23.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-27.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-40.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-56.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-71.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-84.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-92.2%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-29.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-32.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-44.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-59.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-74.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-85.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-92.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-50%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-34.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-37.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-48.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-62.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-75.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-86.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-93.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-38.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-41.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-51.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-64.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-77.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-87.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-93.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-41.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-44.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-54.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-66.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-78.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-87.9%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-94.2%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-45.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-47.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-56.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-68.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-79.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-88.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-94.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-48.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-50.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-59.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-70.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-81.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-89.3%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-94.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-50.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-53.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-61.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-71.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-81.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-89.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-95.0%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 27.07%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 35.83% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 28.96%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from -100% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect -100% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Short Sale Exposure Risk: The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock increases more than 100%. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate the inverse daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_90E_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000081161Member_zbKdBHkDc1R2">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective The Fund seeks daily investment results, before fees and expenses, of -2 times (-200%) the daily percentage change of the common stock of Exxon Mobil Corp (NYSE: XOM). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A8B_eoef--AnnualFundOperatingExpensesTableTextBlock_zXXZIz7HBgY7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zCHjKt18S6z3" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_490_20261028__20261028__oef--ClassAxis__custom--C000243816Member_zJVreMuXpeB8" style="text-align: right">1.30</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: left; font-weight: bold">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_zVj8gxDwY2j8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_zf7QAwSD0xY7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp_zQPHCQWEadCg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.06</td><td style="text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zSSL6tEnnVT" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_iT_dp_zMjk0SEoAT4j" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dp_z1KLDh0rZ7th" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements (4)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_iT_dp_zDBxzPGMOV5h" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_F0C_zwaPh669FCs" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0130 0.0000 0.0006 0.0003 0.0139 0.0139 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8C_eoef--ExpenseExampleWithRedemptionTableTextBlock_zTPBEWhEObSf"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zQjlBons3zm" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 60%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_986_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000243816Member_zXfh3evh0Dlg" style="width: 47%; text-align: right">145</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_983_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000243816Member_zv7kFqtGWGgf" style="width: 47%; text-align: right">474</td><td style="width: 1%; text-align: left"> </td></tr> </table> 145 474 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet launched. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2x the inverse (-200%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately -200% of the Fund’s net asset value. The Fund aims to generate the inverse daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money put option contracts, or simultaneously buy an at-the-money put option contract and sell an at-the-money call option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each put option contract bought and receive the premium for each call option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the put and sells the call option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the inverse performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the energy industry. Exxon Mobil Corporation is engaged in the energy business. Its principal business involves the exploration for, and production of, crude oil and natural gas, and the manufacture, trade, transport and sale of crude oil, natural gas, petroleum products, petrochemicals, and a range of specialty products. XOM is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by XOM pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-02256 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding XOM Corporation may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance decreases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Exxon Mobil Corporation. The common stock of Exxon Mobil Corporation (XOM) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Exxon Mobil Corporation pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Exxon Mobil Corporation may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the energy sector. The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock’s operations and earnings may be significantly affected by changes in oil, gas, and petrochemical prices and by changes in margins on refined products. The underlying Stock’s ability to maintain and grow oil and gas production and its derivative products rely on its management to operate effectively and safely complex operational processes. The Underlying Stock performance can be adversely affected by political or regulatory developments. Government actions intended to reduce greenhouse gas emissions could negatively affect the Underlying Stock’s performances, make its hydrocarbon-based products more expensive or less competitive, lengthen project implementation times, and reduce demand for hydrocarbons, as well as shift hydrocarbon demand toward relatively lower-carbon alternatives. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the daily inverse returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate inverse daily returns. For a Fund aiming to replicate the inverse performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 17.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Inverse Fund would be expected to lose 95.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Inverse Fund can be expected to return less than -200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of the Underlying Stock. The Inverse Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td rowspan="3" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-left: black 1pt solid; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="3" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; text-align: center">-200% of One Year Performance of the Underlying Stock </td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td rowspan="2" style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap">10% </td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"> </td> <td rowspan="2" style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid">50% </td> <td rowspan="2" style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap">75% </td> <td rowspan="2" style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid">100% </td> <td rowspan="2" style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid">125% </td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap">25% </td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap">150% </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 13%; border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">-95%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 25%; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">190%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 10%; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">36110.9%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 10%; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">31935.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 10%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">18570.8%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 8%; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">7461.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 8%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">2021.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 8%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">292.9%</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 8%; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-53.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-90%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">180%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">9182.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">7895.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">4554.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">1756.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">406.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-8.5%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-89.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">160%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">2261.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">1930.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">1074.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">367.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">23.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-78.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-70%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">140%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">962.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">810.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">421.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">108.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-45.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-90.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-99.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">120%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">500.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">415.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">196.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">15.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-69.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-94.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-99.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-50%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">100%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">286.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">230.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">89.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-25.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-80.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-96.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-99.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">80%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">168.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">130.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">31.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-48.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-97.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-99.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-30%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">60%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">98.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">69.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-3.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-62.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-90.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-98.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-99.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">40%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">51.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">29.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-26.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-71.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-98.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">20%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">2.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-41.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-77.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-99.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-2.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-17.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-52.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-81.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-95.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-99.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">10%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-31.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-61.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-84.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-96.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-99.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">20%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-32.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-42.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-67.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-87.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-96.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-99.4%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">30%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-42.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-51.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-72.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-89.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-97.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-99.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">40%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-50.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-57.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-76.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-90.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-97.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-99.6%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">50%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">-100%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-56.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-79.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-92.0%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-97.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">-120%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-62.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-67.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-81.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-93.1%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">70%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">-140%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-66.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-71.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-83.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-93.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-98.5%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.7%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">80%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">-160%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-70.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-74.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-85.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-94.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">90%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">-180%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-73.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-77.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-87.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-95.2%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-98.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">100%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">-200%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-74.6%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-78.3%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-87.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-95.4%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-98.9%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 27.07%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 35.83% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was 28.96%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from -200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with the Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect -200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Short Sale Exposure Risk: The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock increases more than 50%. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund. Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsRiskMember_zXURzv6pqvKk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate -2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” above. Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_90D_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000081145Member_zwnVXPdffEo1">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Block, Inc. (NYSE: XYZ). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A82_eoef--AnnualFundOperatingExpensesTableTextBlock_zu7HckI2KfW9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zGVI5x9ADeI2" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_498_20261028__20261028__oef--ClassAxis__custom--C000258297Member_zsa23MMrnO8a" style="text-align: right">1.30</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_zKEtlvmVToJc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_z0QTo7fMXGH7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp_zt6h2xxziuT7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.06</td><td style="text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_z0aHvytJsPk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses (2)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.03</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_iT_dp_zSr2IuRFrqA1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dp_zLQbHzXK4IKe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Fee Waiver/Reimbursements (4)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_iT_dp_zdE784mtVwge" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3), (4)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.39</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0pt; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0pt; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0pt; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0pt; text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0pt; text-align: justify; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0pt; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0pt; text-align: justify">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0pt; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0130 0.0000 0.0006 0.0003 0.0139 0.0139 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_z6Pg5z3U15Cl"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zdsYr6Nm9F6c" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 60%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eoef--ExpenseExampleYear01_c20261028__20261028__oef--ClassAxis__custom--C000258297Member_zh3u3nrkmjEk" style="width: 47%; text-align: right">145</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eoef--ExpenseExampleYear03_c20261028__20261028__oef--ClassAxis__custom--C000258297Member_zCTpFhBqEx9" style="width: 47%; text-align: right">474</td><td style="width: 1%; text-align: left"> </td></tr> </table> 145 474 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet been launched. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that attempts to replicate 2 times (200%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock. The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call or sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (i.e., the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties; (7) and in the securities of one or more ETFs designed to provide exposure to short-term investments, including the GraniteShares Short Term Box ETF (“LBOX”), which is advised by GraniteShares Advisors LLC, the Fund’s investment adviser. LBOX is an actively managed ETF that seeks to generate a short-term, fixed-income-like return through a market-neutral strategy involving simultaneous long and short synthetic options positions (known as “box spreads”) on exchange-listed reference assets, and/or; (8) reverse repurchase agreements, which are agreements under which the Fund sells portfolio securities to a counterparty, such as a bank or broker-dealer, and simultaneously agrees to repurchase those securities at a specified price and time. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the daily performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the computer software industry as well as in the financial services industry. Block, Inc. together with its subsidiaries, builds ecosystems focused on commerce and financial products and services in the United States and internationally. Block, Inc. is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Block, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-37622 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Block, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Block, Inc. The common stock of Block, Inc. is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Block, Inc. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Block, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingStockRiskMember_zer9a1XjNpG7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Underlying Stock Risk: The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by competition in the microprocessor market, reliance on third-party manufacturers, the company’s ability to new develop new products, losses of significant customers, changes in customer demand for its products, risks associated with defective products political, legal and economic risks affecting the company’s global operations. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. The Underlying Stock may also be impacted by many factors, including but not limited to, government regulations, economic conditions, credit rating downgrades, changes in interest rates and decreased liquidity in credit markets. Profitability of the Underlying Stock may be dependent on the availability and cost of capital and can fluctuate significantly when interest rates change. Credit losses resulting from financial difficulties of borrowers also can negatively impact the Underlying Stock. The Underlying Stock is also subject to substantial government regulations and intervention, which may adversely impact the scope of its activities, the prices it can charges, the amount of capital it must maintain, and potentially, its size. Government regulation may change frequently and may have significant adverse consequences for the Underlying Stock, including effects that are not intended by such regulation. The impact of more stringent capital requirements, or recent or future regulations in various countries on any individual financial company or of the financial sector as a whole, cannot be predicted. The financials sector is also a target for cyber-attacks and may experience technological malfunctions and disruptions, which have occurred more frequently in recent years. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zHgKvFzhkgf6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the daily leverage returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat. For instance, if the Underlying Stock’s annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td rowspan="2" style="border-top: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border-top: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">10%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">25%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">50%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">75%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">100%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">125%</td> <td style="border-right: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 45%; border-left: black 1pt solid; text-align: center">-95%</td> <td style="border-right: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 20%; border-left: black 1pt dotted; border-bottom: black 1pt solid; text-align: center">-190%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-left: black 1pt solid; text-align: center">-90%</td> <td style="border-right: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; text-align: center">-180%</td> <td style="border-top: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-left: black 1pt solid; text-align: center">-80%</td> <td style="border-right: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; text-align: center">-160%</td> <td style="border-top: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-left: black 1pt solid; text-align: center">-70%</td> <td style="border-right: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; text-align: center">-140%</td> <td style="border-top: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-60%</td> <td style="border-right: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-left: black 1pt dotted; text-align: center">-120%</td> <td style="border-top: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">-50%</td> <td style="border-top: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; text-align: center">-100%</td> <td style="border-top: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-left: black 1pt solid; text-align: center">-40%</td> <td style="border-right: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-left: black 1pt solid; text-align: center">-30%</td> <td style="border-right: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-left: black 1pt solid; text-align: center">-20%</td> <td style="border-right: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-left: black 1pt solid; text-align: center">-10%</td> <td style="border-right: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-left: black 1pt solid; text-align: center">0%</td> <td style="border-right: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; text-align: center">0%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-left: black 1pt solid; text-align: center">10%</td> <td style="border-right: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; text-align: center">20%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-left: black 1pt solid; text-align: center">20%</td> <td style="border-right: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; text-align: center">40%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-left: black 1pt solid; text-align: center">30%</td> <td style="border-right: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; text-align: center">60%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-left: black 1pt solid; text-align: center">40%</td> <td style="border-right: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; text-align: center">80%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-left: black 1pt solid; text-align: center">50%</td> <td style="border-right: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; text-align: center">100%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-left: black 1pt solid; text-align: center">60%</td> <td style="border-right: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; text-align: center">120%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-left: black 1pt solid; text-align: center">70%</td> <td style="border-right: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; text-align: center">140%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-left: black 1pt solid; text-align: center">80%</td> <td style="border-right: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; text-align: center">160%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-left: black 1pt solid; text-align: center">90%</td> <td style="border-right: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; text-align: center">180%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-left: black 1pt solid; text-align: center">95%</td> <td style="border-right: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; text-align: center">190%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt dotted; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended August 31, 2026, was 60.92%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 91.10% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended August 31, 2026, was -21.10%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorrelationRiskMember_zuTTiDFGUXs1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zN6TGWC1IHPj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. The Fund may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the Fund’s portfolio holdings are traded are closed for a limited period of time. If the Fund is unable to obtain sufficient exposure to the Underlying Stock due to the limited availability of necessary investments or financial instruments, the Fund may, among other things, fail to meet its investment objective or incur increased transaction costs. If creations are suspended, or the Fund’s ability to issue additional Creation Units is otherwise adversely affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly, as the arbitrage mechanism that typically keeps secondary market prices in line with the Fund’s NAV would be impaired. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and incur increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zjMq5XjWxzUf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zVb30tn9CAia" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundStructureRiskMember_znCwrWIoknb5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Exchange Traded Fund Structure Risk: The Fund is structured as an exchange-traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0pt; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0pt; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0pt; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0pt; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0pt; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0pt; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange-traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0pt; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0pt; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0pt; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0pt; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0pt; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0pt; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily leverage performance for the Fund. <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zFgxWMZHfXlc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zXgVm58pBzZ3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_z2ke71GMOrR4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. It is not known how long any future impacts of other significant events described above will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversifiedRiskMember_zY80hN1NadR9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapRiskMember_zKgDCOqTUJf8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsRiskMember_zrWWhBQ3O3Ki" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_z3ybzerdAmlf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Rebalancing Risk: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zfmrQXD7CN8h" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Trading Halt Risk: Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underlying Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zREzTCcfolya" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--AffiliatedETFsRiskMember_zkPw56Bkqq8b" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Affiliated ETFs Risk: The Fund may invest in equity securities of other ETFs for which the Adviser serves as investment adviser. It is possible that a conflict of interest may arise. Additionally, to the extent the Fund invests in the securities of another affiliated ETF, the Fund will be subject to the investment risks of the ETF. Shareholders of the Fund are subject to duplicative expenses to the extent of the Fund’s investment in any affiliated ETF. Finally, the shares of the ETFs in which the Fund may invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its net asset value per share. Box Spread ETF Risk. The Fund may invest in LBOX, an affiliated ETF advised by GraniteShares Advisors LLC, the Fund’s investment adviser, that employs a market-neutral box spread strategy to generate short-term, fixed-income-like returns. Box spread positions involve simultaneous long and short synthetic options positions on the same reference asset and are structured to capture an implied financing rate. While box spreads are designed to be market-neutral and to generate a return approximating prevailing short-term interest rates, they are subject to execution risk, counterparty risk with respect to the options positions, and the risk that the implied financing rate embedded in the box spread diverges from prevailing market rates in periods of market stress. The Fund’s investments in LBOX are made pursuant to Section 12(d)(1)(G) of the 1940 Act, which imposes no percentage-of-assets limits on the Fund’s investment in an exchange-traded fund. Accordingly, the Fund could, at any time, hold a material allocation in LBOX. The Fund’s adviser faces a conflict of interest in allocating Fund assets to an affiliated fund such as LBOX; see “Affiliated ETFs Risk.” Reverse Repurchase Agreement Risk: When the Fund enters into a reverse repurchase agreement, it sells portfolio securities to a counterparty and simultaneously agrees to repurchase those securities at a specified price at a later date, effectively using those securities as collateral for a short-term loan. There is no guarantee that the return on any securities purchased with such proceeds will exceed the cost of the borrowing. The Fund also bears the risk that the counterparty to a reverse repurchase agreement fails to perform its obligations, and the Fund may lose the use of the securities pledged for the duration of the agreement. The Fund’s obligations under reverse repurchase agreements must be covered by liquid assets. See also “Counterparty Risk” and “Leverage Risk” above. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestingInUSEquitiesRiskMember_zH4RCEJVVq4b" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Investing in U.S. Equities Risk: Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryRiskMember_zaOJKVApMylg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zs07NZQMuhOg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Tax Risk: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Performance: <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_908_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000090908Member_z1PCRQc3Fkr">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Other Expenses are estimated for the Fund’s initial fiscal year. Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.15%. This agreement is effective until December 31, 2027 and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. Other Expenses are estimated for the Fund’s initial fiscal year. Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.15%. This agreement is effective until December 31, 2027 and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. Other Expenses are estimated for the Fund’s initial fiscal year. Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. Other Expenses are based on actual amounts incurred during the Fund’s fiscal period ended June 30, 2026 which includes Interest Expense of 0.03% related to margin posted by the swap counterparties. Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s fiscal year ending June 30, 2027. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.15%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. The Funds’ have a fee arrangement with its custodian which provides for custody fees to be reduced by Create/Redeem credits received by the custodian from Authorized Participants. Other Expenses are estimated for the Fund’s initial fiscal year. Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.15%. This agreement is effective until December 31, 2027 and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. Other Expenses are estimated for the Fund’s initial fiscal year. Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. Other Expenses are estimated for the Fund’s initial fiscal year. Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. Other Expenses are estimated for the Fund’s initial fiscal year. Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. Other Expenses are estimated for the Fund’s initial fiscal year. Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. Other Expenses are estimated for the Fund’s initial fiscal year. Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027. Other Expenses are based on actual amounts incurred during the Fund’s fiscal period ended June 30, 2026 which includes Interest Expense of 0.83% related to margin posted by the swap counterparties. Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s fiscal ending June 30, 2027. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.15%. This agreement is effective until December 31, 2027 and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. The Funds’ have a fee arrangement with its custodian which provides for custody fees to be reduced by Create/Redeem credits received by the custodian from Authorized Participants. Other Expenses are estimated for the Fund’s initial fiscal year. Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. Other Expenses are based on actual amounts incurred during the Fund’s fiscal period ended June 30, 2026. Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s fiscal ending June 30, 2027. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.15%. This agreement is effective until December 31, 2027 and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. The Funds’ have a fee arrangement with its custodian which provides for custody fees to be reduced by Create/Redeem credits received by the custodian from Authorized Participants. Other Expenses are estimated for the Fund’s initial fiscal year. Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. Other Expenses are estimated for the Fund’s initial fiscal year. Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. The Funds’ have a fee arrangement with its custodian which provides for custody fees to be reduced by Create/Redeem credits received by the custodian from Authorized Participants. Other Expenses are estimated for the Fund’s initial fiscal year. Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. Other Expenses are based on actual amounts incurred during the Fund’s fiscal period ended June 30, 2026. Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s fiscal year ending June 30, 2027. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.15%. This agreement is effective until December 31, 2027 and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. The Funds’ have a fee arrangement with its custodian which provides for custody fees to be reduced by Create/Redeem credits received by the custodian from Authorized Participants. Other Expenses are estimated for the Fund’s initial fiscal year. Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. Other Expenses are estimated for the Fund’s initial fiscal year. Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. Other Expenses are estimated for the Fund’s initial fiscal year. Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. Other Expenses are based on actual amounts incurred during the Fund’s fiscal period ended June 30, 2026 which includes Interest Expense of 0.02% related to margin posted by the swap counterparties. Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s fiscal year ending June 30, 2027. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.15%. This agreement is effective until December 31, 2027 and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. The Funds’ have a fee arrangement with its custodian which provides for custody fees to be reduced by Create/Redeem credits received by the custodian from Authorized Participants. Other Expenses are based on actual amounts incurred during the Fund’s fiscal period ended June 30, 2026 which includes Interest Expense of 0.58% related to margin posted by the swap counterparties. Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s fiscal year ending June 30, 2027. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.15%. This agreement is effective until December 31, 2027 and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. The Funds’ have a fee arrangement with its custodian which provides for custody fees to be reduced by Create/Redeem credits received by the custodian from Authorized Participants. Other Expenses are estimated for the Fund’s initial fiscal year. Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s initial fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. Other Expenses are based on actual amounts incurred during the Fund’s fiscal period ended June 30, 2026 which includes Interest Expense of 0.23% related to margin posted by the swap counterparties. Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses reflect Fund expenses paid indirectly and do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses. The amounts are estimated for the Fund’s fiscal year ending June 30, 2027. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.45% for the fiscal year ending June 30, 2027. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. The Funds’ have a fee arrangement with its custodian which provides for custody fees to be reduced by Create/Redeem credits received by the custodian from Authorized Participants.